Want Want’s First-Half Results Slightly Miss; Cutting Our FVE to HKD 6.10 Due to CNY Depreciation
Narrow-moat Want Want China Holdings’ fiscal 2018 first-half (April to September) results slightly missed our expectations, with revenue and net profit up 3% and 7% year on year, respectively. Top-line growth was lower than we anticipated, owing to sluggish sales from the rice crackers and dairy products segments, down 1% and up 3%, respectively. Profitability was largely in line, as gross margin improved from better product mix, but operating margin declined due to higher advertising and promot...Want Want China Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing, distribution and sale of rice crackers, dairy products and beverages, snack foods and other products. Co.'s activities are primarily conducted in the People's Republic of China, Taiwan, Japan, Singapore and Hong Kong. Co. produces and markets its products under the Want Want brand. As of Dec 31 2014, Co.'s operations are mainly organized into four business segments, including manufacturing and sale of: rice crackers, dairy products and beverages, snack foods and other products.
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