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01044 HENGAN INT'L
RTNominal down24.500 -0.650 (-2.584%)
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09/07/2018 11:45

[I-bank focus]Citi sees structural concerns Hengan (01044)

[ET Net News Agency, 9 July 2018] Citi Research reaffirmed its bearish view that 2018
will be another weak year for Hengan International (01044). It expects sanitary napkin
sales growth to slow to mid-single digit after 2017's volume inflection, and tissue profit
to further decline given persisting industry overcapacity and increasing cost pressure.
Citi reiterated the structural challenges the company faces and continue to see soft
earnings ahead. 21x 2018 P/E (versus 3-year average 19x) looks unattractive.
The research house maintained its "sell" call on Hengan, with a target price of HK$60.
(KL)

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