[ET Net News Agency, 10 May 2018] Citi Research raised its target price for Health and
Happiness (H&H)(01112) to HK$70 from HK$67.6, and retained its "buy" rating.
The research house hosted H&H's NDR in US and Taipei in the past two weeks. It believes
both BNC (baby nutrition and care) and ANC (adult nutrition and care) units have clear
growth drivers ahead, including favorable regulatory environment, secular demand
premiumization, more disciplined market competition, the company's strengthening marketing
efforts (2018 A&M/sales to go up 2ppt from 2017's 10.4%), and deepening business
integration among its solid brand portfolio.
Citi added that the 1Q revenue growth of 36% shows the overall improving sales momentum
and indicates margin upside.
Hence, it further nudged up 2018-20 earnings forecasts by 3-6%. Trading at 23x 2018 P/E
and 0.9x PEG, valuation looks undemanding, said Citi. (KL)
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01112 H&H INTL HLDG
Nominal 
10.220 +0.160 (+1.590%) Others
10/05/2018 14:11
[I-bank focus]Citi lifts H&H Int'l Holdings (01112) to HK$70
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