[ET Net News Agency, 20 August 2020] HSBC Global Research raised its target price for
Hengan International (01044) to HK$78.8 from HK$74.6 and maintained its "buy" rating.
The research house said Hengan's 1H results were in line with consensus. However, there
were some concerns: (1) the Sanitary Napkins (SN) segment grew 4.8% (-4.6% in 1H 2019) in
sales, above industry-average growth. However, the segment's OPM (operating profit margin)
was down 30bps to 48.5%, (2) while the whole industry enjoyed strong growth from online in
1H, Hengan's revenue under ecommerce fell 5.9%, (3) contribution from masks will diminish.
HSBC expects the company to deliver 4% CAGR in revenue over 2019-21, lower than 7%
before. On margin, it expects Hengan's OPM in 2H can further improve to 32.1% from 29.1%
in 1H. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01044 HENGAN INT'L
Nominal 
25.600 +0.250 (+0.986%) Research Report
20/08/2020 16:39
{I-bank focus}HSBC raises Hengan Int'l (1044) to HK$78.8
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |