Jiangsu Hengli Hydraulic Co Ltd Class A

601100: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hengli Hydraulic: Initiating Coverage With Narrow Moat and CNY 50 Fair Value Estimate

Cheng Wang

Nov 29, 2023

We initiate coverage of Hengli Hydraulic, the largest Chinese hydraulic component supplier, with a narrow moat rating. We have identified switching costs and intangible assets as the company's moat sources. Our fair value estimate is CNY 50, 11% below its share price as of Nov. 29. We consider the shares fairly valued given our High Morningstar Uncertainty Rating.

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Jiangsu Hengli Hydraulic Co Ltd Class A

Hengli Hydraulic: Initiating Coverage With Narrow Moat and CNY 50 Fair Value Estimate

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