[ET Net News Agency, 6 November 2019] Citi Research lowered its target price for Health
and Happiness (H&H) International Holdings (01112) to HK$35.8 from HK$42.2 and maintained
its "buy" rating.
The research house said H&H's 3Q sales of BNC (baby nutrition and care) and ANC (adult
nutrition and care) were both below Citi's expectation. Management expects a better
outlook for 4Q given the launch of a new goat milk formula and a potentially strong
double-eleven event.
Citi cited its industry checks noting that the company's sell-through was weakened in
2Q after the sales team restructuring this April, so Citi believes it caused excessive
stocks in the channel. However, the sell-through has stabilized in 3Q.
Citi trimmed its 2019 core earnings estimate by 3% on lower sales but raised its 2020
forecast by 3% on lower finance cost. (KL)
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01112 H&H INTL HLDG
Nominal 
10.260 +0.200 (+1.988%) Others
06/11/2019 13:55
{I-bank focus}Citi lowers H&H Int'l (01112) to HK$35.8
| Remark: | Real time quote last updated: 26/04/2024 14:24 |
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