[ET Net News Agency, 24 August 2018] Jefferies Research lifted its target price for
Hengan International (01044) to HK$92 from HK$90, and maintained its "buy" rating.
Subsequent to solid 1H results (with both revenue and margin beat), the research house
remains bullish on Hengan. It said that Hengan is making clear progress in product
premiumization, channel diversification, and operational efficiency. The ongoing
transformation is sustained and structural. Room for stock de-rating is next to zero while
earnings risk emerges more on the upside.
Jefferies lifted its 2018/19 earnings estimate by 5%/2%. It noted that near-term
catalysts include: (1) sustained double-digit revenue growth in 2H; (2) ASP increase via
direct price hike, mix upgrade, and smarter packaging; (3) wood pulp price moderation; and
(4) likely special dividend (with final dividend). (KL)
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01044 HENGAN INT'L
Nominal 
24.500 -0.650 (-2.584%) Others
24/08/2018 17:31
[I-bank focus]Jefferies lifts Hengan Int'l (01044) to HK$92
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