Morgan Stanley initiated coverage on Yihai International Holding (01579) with an "overweight" rating and a target price of HK$53.5.
The research house thinks Yihai will continue to benefit from (1) leading position in the compound seasoning space with its premium brands; (2) product diversification and strong channel management capability; and (3) revenue growth and brand equity, leveraging Haidilao's national restaurant expansion.
Morgan expects its third-party and related-party sales to rise at 31% and 38% CAGRs, 2019-21, respectively.
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