Equity Analyst

Steve Zhou, CFA

Over 13 years of professional experience covering mainly Asian consumer companies in sell-side and buy-side.

Vinda International (3331 HK):  Business Recovering As Expected

Equity Bottom-Up

<ul>
<li>According to various public news sources, Brazil's Suzano SA, the world's largest pulp maker, and a few private equity players may participate in the bidding for <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>.</li>
<li>Note that the controlling shareholder Essity is looking to potentially dispose its stake, announced in April this year.  </li>
<li>Two major drivers of share price - pulp price and competition - likely have reached the bottom and could improve in 2H23. </li>
</ul>


According to various public news sources, Brazil's Suzano SA, the world's largest pulp maker, and a few private equity players may participate in the bidding for Vinda International (3331 HK).
Note that the controlling shareholder Essity is looking to potentially dispose its stake, announced in April this year.  
Two major drivers of share price - pulp price and competition - likely have reached the bottom and could improve in 2H23. 


Vinda International (3331 HK):  Worst Is Likely Over