SELL Hengan (1044 HK): Thesis Confirmed
In our June'18 note on Hengan we noted our concerns with Related parties, Debt churn and Margin pressure.The H1 FY18 results appear confirm our...
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Buy Vinda (3331 HK): New Incentives, Leverage & Margins - Target HK$25.2 (Up 80%+)
In 2017, Vinda introduced a new compensation scheme that specifically targets share price performance. This appears to be part of Essity’s plan to...
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Sell Hengan (1044 HK): Relationships, Churn & Margin Pressure. Target HK$38 (Down 50%)
We are concerned that Hengan’s governance leaves minorities vulnerable, their accounts create false confidence in credit quality; and that business...
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MTG IPO Preview II: Powered By Celebrities
In our earlier report, we covered MTG Co Ltd (7806 JP) 's product and geographic segments and arrived at an initial conclusion that the company’s...
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Hengan: Cheaper than Peers with Amoeba Sales Team Contribution yet to Kick-In
Why would a personal healthcare company with the highest profit margin in a country with a rising urbanization rate trade at a lowervaluation?...
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