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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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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A Closer Look at Premiumization: Decoding Millennials Online Spending
Premiumization in China has been an unstoppable trend as China’s economic reform continuously spurs the growth of consumer sector and benefits...
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Sector Capsule: Wipes in China
Wipes increased by 12% in retail current value terms in 2017, to reach CNY4.3 billion Increasing hygiene awareness amongst consumers supports the...
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2017 China Paper Products Report
Data up to December 2017Online Channel Continuously Gaining Share; Japanese Sanitary Napkins Brands to Lead the Overall Market Although offline is...
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