[ET Net News Agency, 2 September 2019] Daiwa Research raised its target price for
Nissin Foods (01475) to HK$6.81 from HK$6.38 and maintained its "outperform" rating.
The research house met with Nissin Foods' management on 30 August. Management maintained
its target for double-digit organic revenue growth in China for full-year 2019. The CEO
Ando Kiyotaka is pleased with sales since the single-digit price hike on container-type
noodles implemented in July.
From its on-the-ground checks, Daiwa observed a high-single-digit rise in prices of
container type products in Hong Kong since July. Daiwa revised up its 2019-21 EPS
forecasts by 8-13% as margin expansion has been faster than expected in 2019. (KL)