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<Research>M Stanley Adjusts TPs for Some CN Consumer, Believes H&H INTL HLDG (01112.HK) to Have Higher Re-rating Potential
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Morgan Stanley published a research report adjusting its target prices for some Chinese consumers. Among the Chinese consumers ratedEqualweight by the broker, H&H INTL HLDG (01112.HK) is considered to have a higher potential for a re-rating. Morgan Stanley dropped its target price for HENGAN INT'L (01044.HK) from $24 to $21, with rating at Equalweight. The broker predicted that sanitary napkin sales will face pressure from emerging brands and online & livestreaming promotions, leading to a 15-20% decline in company 1H25 sales. Considering that sanitary napkins are the main profit source for the company, if the weakness trend continues in 2H25, 2026 earnings forecast may face further downward revision risks. Morgan Stanley lifted its target price for H&H INTL HLDG from $11.5 to $13.4, with rating at Equalweight, believing that the milk powder base is relatively low in 2H25, with strong demand for stage 1-2 milk powder products. The broker expected improved performance in the coming quarters. Morgan Stanley also cut its target price for SUNART RETAIL (06808.HK) from $2.4 to $2.3, with rating at Equalweight, expecting stable or slightly positive same-store sales growth in FY2026. Moreover, after the new controlling shareholder takes over, shareholder return plans and new store format may become drivers for the stock price. The broker lifted its target price for ZHOU HEI YA (01458.HK) from $1.5 to $2.4, with rating at Equalweight, and risks of losing market share for core products due to consumption tradedown and intensified competition in snacks or street food. AASTOCKS Financial News Website: www.aastocks.com |
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