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.
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