[ET Net News Agency, 20 August 2019] Morgan Stanley initiated coverage on Yihai
International Holding (01579) with an "overweight" rating and a target price of HK$53.5.
The research house thinks Yihai will continue to benefit from (1) leading position in
the compound seasoning space with its premium brands; (2) product diversification and
strong channel management capability; and (3) revenue growth and brand equity, leveraging
Haidilao's national restaurant expansion.
Morgan expects its third-party and related-party sales to rise at 31% and 38% CAGRs,
2019-21, respectively. (KL)