[ET Net News Agency, 17 September 2021] Morgan Stanley lowered its target price for
Hengan Int'l (01044) to HK$46 from HK$51 and maintained its "equal-weight" rating.
The research house said it lowers 2021-23e sales estimates by 4-8% to factor in more
intensified competition, and it is 3-6% lower in NP estimates. While the company will act
more disciplined in A&P expenses, certain investments are required to foster more premium
brand images. (RC)