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HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Health And Happiness (H&H) / Equity Bottom-Up

<ul>
<li>H&amp;H is faced with multiple challenges. Internally, the performance is under pressure, with stagnating revenue, decreasing profits, cash flow shortage and bankruptcy risk.It's difficult for H&amp;H to turn things around.</li>
<li>Externally, factors such as the declining birth rate, lower demand, fierce competition in the infant formulas market, rising costs due to inflation, and economic slowdown worsen the Company's prospects.</li>
<li>Based on our 2022 forecast (14% or lower adjusted EBITDA margin,1%-2% or flat revenue growth), we do not think H&amp;H is a good investment. We are conservative about its outlook.</li>
</ul>


H&amp;H is faced with multiple challenges. Internally, the performance is under pressure, with stagnating revenue, decreasing profits, cash flow shortage and bankruptcy risk.It's difficult for H&amp;H to turn things around.
Externally, factors such as the declining birth rate, lower demand, fierce competition in the infant formulas market, rising costs due to inflation, and economic slowdown worsen the Company's prospects.
Based on our 2022 forecast (14% or lower adjusted EBITDA margin,1%-2% or flat revenue growth), we do not think H&amp;H is a good investment. We are conservative about its outlook.


Health And Happiness (H&H) (1112.HK) - High Bankruptcy Risk Together with Gloomy Prospects