TC

22/08/2019 15:50

{I-bank focus}Daiwa cuts H&H International (01112) to HK$54

[ET Net News Agency, 22 August 2019] Daiwa Research lowered its target price for Health
and Happiness (H&H) International (01112) to HK$54 from HK$61.2 and maintained its "buy"
rating.
The research house cited management from 1H post-results briefing targeting positive
revenue growth for adult nutrition (ANC) in 2019. H&H aims to maintain its selling-cost
ratio steady in 2H while continuing to invest in brand and marketing for new products.
It also plans to gradually boost its dividend payout, with an improving balance sheet
and strong operating cash flow.
In light of weak 7-month revenue growth and marketing expenses for 2H 2019-2021, Daiwa
cut its revenue estimates by 6-8% and EPS forecasts by 5-11% over 2019-21. (KL)

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