[ET Net News Agency, 11 January 2021] Nomura lowered its target price for Nissin Foods
(01475) to HK$7.5 from HK$8.5 and maintained its "neutral" rating.
The research house noted that Nissin's peers Tingyi (00322) and Uni-President China
(00220) have both mentioned that premiumization is their core strategy in 2021, and Nomura
sees rising competition as the key risk for Nissin.
Following the >30% rise in palm oil price, as well as the full-year contribution of
Nissin's lower-margin Shanghai distribution business in 2021, Nomura sees downside risk to
the company's GPM. It lowered its FY2021 GPM forecast by 1.3pp to 32.1%. It also cut its
FY2021 net profit estimate by 15.4%, given a lower GPM and higher SG&A ratio. (KL)
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01475 NISSIN FOODS
Nominal 
5.020 +0.040 (+0.803%) Research Report
11/01/2021 14:22
{I-bank focus}Nomura lowers Nissin Foods (01475) to HK$7.5
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