[ET Net News Agency, 15 February 2018] Credit Suisse trimmed its target price for
Hengan International (01044) to HK$108 from HK$110, and reiterated its "buy" rating.
The research house said its recent channel checks suggest that Hengan's January revenue
momentum bounced back strongly from a weak December last year. However, due to low base
and channel re-stocking reasons, Hengan needs more data in the following months to
convince investors that the real recovery is back.
Due to weaker-than-expected December sales, Credit Suisse revised down its earnings
forecasts by 4%/7%/10% in 2017-19 mainly on lower revenue and higher opex ratio (less
operating leverage).
Some investors are still sceptical on Hengan's Amoeba reform, which Credit Suisse
believes is effective but takes some time to fully take effect. With a good start in
January, it believes Hengan is gradually regaining investors' confidence and it expects
continued strong sales numbers in the following months. (KL)
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01044 HENGAN INT'L
Nominal 
25.300 +0.350 (+1.403%) Others
15/02/2018 12:27
[I-bank focus]CS trims Hengan Int'l (01044) to HK$108
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