We Expect Haitian to Deliver Strong Revenue and Profit Growth in 4Q; FVE Maintained at CNY 42.50
We expect wide-moat Foshan Haitian Flavouring and Food, or Haitian, to finish strongly in the fourth quarter and achieve our 2017 full-year 18.7% and 18.2% respective revenue and operating income growth forecasts. As China’s largest condiment manufacturer, we believe Haitian’s solid competitive advantages, stemming from its intangible assets and a cost advantage, will allow the firm to not only retain its leading position, but also gain further market share in the long term. We reiterate our pos...
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