[ET Net News Agency, 23 July 2019] Macquarie Research lowered its target price for
Hengan International Group (01044) to HK$80 from HK$55 and upgraded its rating to
"outperform" from "underperform".
The research house said 1H will be challenging due to the channel transition, however,
the company is going to enjoy a raw materials tailwind in 2H. Macquarie projected the
company's earnings will be back- end loaded with -9% and +20% growth for 1H/2H, further
accelerating to +8% in 2020 from +5% in 2019. (KL)