Want Want’s Fiscal 2017 Results Were in Line; Raising Our FVE to HKD 6.50 Per Share
Narrow-moat Want Want China Holdings’ fiscal 2017 results (ended in March 2018) were largely in line with our expectations, with revenue up 6.6% and operating profit down 7.4% year on year, respectively. Management’s efforts in strengthening its modern channels (hypermarkets, e-commerce, and maternity stores) through the introduction of customized products have led to a moderate revenue growth in the second half, while the sales growth from the traditional channel decelerated. As we expected, th...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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