Hengan Intl. (1044 HK): Our Analysis Suggests that Bonitas’ Allegations Have Some Substance
Hengan Intl Group (1044 HK), China’s leading sanitary towel and nappy producer, has been targeted by a short seller, Bonitas Research. Hengan has...
714 Views
BUY Vinda (3331 HK): Thesis Confirmed
In our June'18 BUY note on Vinda we highlight the upside of management's new stock-price-driven incentive scheme and Vinda's ability...
458 Views
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...
488 Views
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...
338 Views
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...
362 Views