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Hengan International Group Company Limited's (HKG:1044) Intrinsic Value Is Potentially 75% Above Its Share Price
Hengan International Group (HKG:1044) Sheds HK$988m, Company Earnings and Investor Returns Have Been Trending Downwards for Past Five Years
Senior Key Executive Lin Chit Hui, Hengan International Group Company Limited's (HKG:1044) Largest Shareholder Sees Value of Holdings Go Down 3.4% After Recent Drop
[Brokerage Focus] First Shanghai cuts Hengan Int'l (01044) target price by 20%, but expects its performance to be better than the industry.
First Shanghai's research report states that Hengan Int'l (01044) saw a 5.1% increase in revenue to HKD 23.77 billion in 2023 (benefiting from the boost in tissue sales (+12.2%) and fast-growing e-commerce channel (+17.7%, accounting for 30.1% of revenue)). Gross margin declined by 0.3 percentage points to 33.7% (mainly due to the rise in raw material prices in the first half of the year and increased promotion expenses). The bank predicts fierce competition in the industry in 2024, but expects the group to outperform the industry. It is expected that the revenue of tissue, sanitary napkins and diaper business will increase by low single digits in 2024.
Jefferies maintains a “hold” rating on Hengan Intl (01044) with a target price of HKD 26.
Furi predicts that the sales growth of Hengan International's diapers will accelerate to a high single-digit percentage in 2024.
Jefferies Adjusts Hengan International Group's Price Target to HK$26 From HK$28.56, Keeps at Hold
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