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Research Report

06/05/2021 13:53

{I-bank focus}Daiwa ups Haier Smart Home (06690) to HK$34.4

[ET Net News Agency, 6 May 2021] Daiwa Research lifted its target price for Haier Smart
Home (HSH) (06690) to HK$34.4 from HK$34.1 and maintained its "outperform" rating.
The research house attended a post-results conference call on 30 April hosted by HSH.
Daiwa noted that HSH's overseas operating profit margin was less than 5% in 1Q 2021, but
management targets over 7% in the long run as it scales up expansion and production
capacity in certain markets and product categories.
In 2Q 2021, management expects raw material costs to remain a headwind. Initiatives such
as premiumisation (through Casarte and Haier's higher-end products), global procurement
synergies, and ASP hikes (subject to market conditions) are being implemented to mitigate
gross margin impact.
Daiwa trimmed its 2021-23 EPS forecasts by 3% to factor in its more conservative revenue
growth assumptions amid the dynamic global pandemic environment. (KL)

Remark: Real time quote last updated: 02/12/2021 08:43
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