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RTNominal down41.200 -1.000 (-2.370%)
Research Report

23/03/2021 10:18

{I-bank focus}MacQ cuts Hengan Int'l (01044) to HK$85.2

[ET Net News Agency, 23 March 2021] Macquarie Research cut its target price for Hengan
International Group (01044) to HK$85.2 from HK$90 and reiterated its "outperform" rating.
The research house said Hengan's 2H 2020 revenue and net profit missed Macquarie's
projections by 7.3% and 6.1%, due to higher marketing and promotion activities. Although
the company should see headwinds for its tissue business, Macquarie believes its heavy
investment in opex in 2020 paves the way for a resilient profit level in 2021.
Macquarie added that the stock's valuation looks very undemanding at an 11x 2021 PER,
and the share price barely reacted - down by 0.74% - to the 17.6% earnings growth seen for
2020. It lowered its 2021/22 revenue forecasts by 3.7%/3.6%. (KL)

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