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01044 HENGAN INT'L
RTNominal up24.650 +0.100 (+0.407%)
Others

23/08/2019 14:15

{I-bank focus}Nomura cuts Hengan Int'l (01044) to HK$56

[ET Net News Agency, 23 August 2019] Nomura lowered its target price for Hengan
International (01044) to HK$56 from HK$58.2 and maintained its "neutral" rating.
The research house said Hengan's 1H revenue grew 6.3% but net profit declined 3.6%.
Weaker bottom-line growth was mainly due to a business mix shift with a higher
contribution from the lower-GPM other business. Nomura also noted that operating cash flow
fell 48%, mainly due to a higher number of inventory days (45 in 1H 2019 versus 37 in 1H
2018) and receivable days (51 versus 44).
Nomura cut FY2019-21 earnings 2-4% to reflect the lower sales growth and margins, partly
offset by assumptions of higher interest income and lower wood pulp cost, the key positive
factor for GPM. (KL)

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