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03331 VINDA INT'L
RTNominal unchange23.450 0.000 (0.000%)
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10/11/2017 11:23

[I-bank focus]Nomura starts Vinda Int'l (03331) at HK$15.1

[ET Net News Agency, 10 November 2017] Nomura initiated coverage of Vinda International
(03331) at a "neutral" rating, and a target price of HK$15.1.
It expects Vinda's tissue sales (80% of its revenue) to decelerate to 6.6% y-y in FY2018
from 8.4% y-y in FY2017 due to intensifying competition. Vinda could lose market share to
its main competitor Hengan (01044) following its recent price hikes, as Hengan is
maintaining its prices to grab market share.
Moreover, Hengan is catching up in the online channel, as online tissue sales surged by
166% y-y in 1H while Vinda's online tissue sales slowed down to 31% y-y growth in 1H from
126% y-y/72% y-y in FY2015/2016. (KL)

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