Analyst

Steve

Experience in both buy and sell-side in Asia.

Vinda International (3331 HK):  Worst Is Likely Over

Equity Bottom-Up

<ul>
<li>
<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> announced 3Q23 results, with net profit up 37% yoy as margins started to recover. </li>
<li>Reported sales growth picked up speed, growing at 8% yoy (vs. 4% growth in 1H23), and 12% at constant exchange rates (vs. 10% growth in 1H23). </li>
<li>More importantly, gross margin recovered quarter-on-quarter from a 0.2ppt decline in 2Q23 to a 2.3ppt increase in 3Q23.</li>
</ul>



Vinda International (3331 HK) announced 3Q23 results, with net profit up 37% yoy as margins started to recover. 
Reported sales growth picked up speed, growing at 8% yoy (vs. 4% growth in 1H23), and 12% at constant exchange rates (vs. 10% growth in 1H23). 
More importantly, gross margin recovered quarter-on-quarter from a 0.2ppt decline in 2Q23 to a 2.3ppt increase in 3Q23.


Vinda International (3331 HK):  Business Recovering As Expected