Want Want Posts a Mixed 3Q result; Shares Slightly Overvalued Relative to Our HKD 5.20 FVE
Narrow-moat Want Want reported a mixed third-quarter result, with revenue up 5% and operating profit down 17% from the year-ago quarter. The better-than-expected sales growth, improving from a 3.7% year-on-year decline in the first half, was driven by moderate recovery in the rice cracker and dairy product segments. However, the firm’s profitability remained under pressure from rising input costs, as the gross margin slid 4.6 percentage points from last year. We make only minor tweaks to our for...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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