[ET Net News Agency, 5 November 2019] Daiwa Research lowered its target price for
Health and Happiness (H&H) International Holdings (01112) to HK$47 from HK$54 and
maintained its "buy" rating.
The research house said H&H's revenue declined 10% in 3Q, due to a (1) high comparison
base in its adult nutrition (ANC) segment and high distributor inventory levels, and (2)
the decline in infant formula revenue due to high advanced sales in June 2019 and a lack
of new product launches in 3Q.
Daiwa expects revenue weakness to continue in 4Q, a steady sell-through market share
(for China ANC/infant formula markets) in 3Q suggests that H&H will continue to capture
ANC market growth opportunities in China from 2020. It cut its 2019-21 revenue and EPS
estimates by 8-11% and 17%, respectively, on a slower 3Q revenue momentum. (KL)
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01112 H&H INTL HLDG
Nominal 
10.080 +0.040 (+0.398%) Research Report
05/11/2019 10:51
{I-bank focus}Daiwa lowers H&H Int'l (01112) to HK$47
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