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 Zhou Liu Fu Jewellery - It Is Hard to Capitalise on the Soaring Gold Price

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

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

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

S.F. Holding (6936 HK) - Here's Why Post-IPO Share Price Performance Is So "Boring"

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

Equity Capital Markets

Foshan Haitian Flavouring & Food / Equity Capital Markets

Foshan Haitian Flavouring & Food (603288 CH)

<ul>
<li>The entire condiments market in China is deeply mired in fierce competition with limited market increment space. The future performance growth of companies in the industry will further slow down.</li>
<li>Haitian tries to find new growth points through diversification/internationalization. A big concern is whether China’s local brand will face "adaptation issue" overseas. The supply chain system is not yet perfect</li>
<li>Due to the concerns on slowing performance growth in the future as well as the uncertainties on internationalization, we think reasonable valuation for Haitian is about 20-30x P/E.</li>
</ul>


The entire condiments market in China is deeply mired in fierce competition with limited market increment space. The future performance growth of companies in the industry will further slow down.
Haitian tries to find new growth points through diversification/internationalization. A big concern is whether China’s local brand will face "adaptation issue" overseas. The supply chain system is not yet perfect
Due to the concerns on slowing performance growth in the future as well as the uncertainties on internationalization, we think reasonable valuation for Haitian is about 20-30x P/E.


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