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01475 NISSIN FOODS
RTNominal down4.910 -0.100 (-1.996%)
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28/11/2019 12:04

{I-bank focus}Morgan starts Nissin Foods (01475) at HK$8.6

[ET Net News Agency, 28 November 2019] Morgan Stanley initiated coverage on Nissin
Foods (01475) with an "overweight" rating and a price target of HK$8.6.
The research house sees long-term growth potential for Nissin, riding on the
premiumization trend and through national expansion. Morgan sees significant room for
Nissin to expand nationwide, with 65% of its sales currently coming from South China. The
company is still developing its distribution coverage in North China, where sales grew 20%
in 2018.
Nissin's stock price is up more than 60% year-to-date, driven by strong earnings growth
from sales growth in mainland China and margin expansion from improved operating
efficiency and the VAT benefit.
Morgan expects Nissin's higher earnings growth in 2019-21 versus peers to drive a
further re-rating. (KL)

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