HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement - Thoughts The Pipeline and Valuation Outlook

Pre-IPO Medtide (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Mirxes Holding (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (May.18) - Trump to Lower US Drug Prices, Thoughts on Hengrui's IPO Pricing

Pre-IPO Foshan Haitian Flavouring & Food Company - The Challenges Ahead and the Outlook

Chagee Holdings - Debut Is the Peak, and Then It Wanes?

Equity Capital Markets

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

Foshan Haitian Flavouring & Food Company (3288 HK)

<ul>
<li>Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.</li>
<li>Haitian would face dual challenges of "cost increase + structural transformation" in the next three years due to inflation and the negative impact of  "new standard". We shared our performance forecast.</li>
<li>High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well. </li>
</ul>


Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.
Haitian would face dual challenges of "cost increase + structural transformation" in the next three years due to inflation and the negative impact of  "new standard". We shared our performance forecast.
High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well. 


Foshan Haitian Flavouring & Food (603288 CH)

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention