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Hengan International Group Co Ltd 01044

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Stock XHKG Rating as of
HKD 26.65 +0.25 (0.95%)
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Company Report

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Hengan to Utilize New Retail Channels for Top-Line Growth and Product Mix Shift

Jacky Tsang

Hengan International operates in the tissue, sanitary napkin, and diaper markets in China and is one of the leading brands in tissue and sanitary napkins. Being one of the early movers in personal-care products, it has developed an extensive offline distribution network in China. It has also penetrated lower-tier cities, which contributed close to 80% of its sales in 2021. With its focus on lower-tier cities, the majority of the firm's products sit in the mass market below-premium segments.

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Price vs Fair Value

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01044 is trading at a 25% discount.
Price
HKD 26.40
Fair Value
HKD 56.00
Uncertainty
Medium
1-Star Price
HKD 59.94
5-Star Price
HKD 21.40
Economic Moat
Vjnk
Capital Allocation
Dszfzcrk

Bulls Say, Bears Say

Bulls

As one of the major domestic players, Hengan could benefit from rising per capita consumption of tissue paper in China.

Bears

The commoditized nature of tissue products means private-label penetration could be a significant share threat to Hengan.

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Trading Information

Previous Close Price
HKD 26.40
Day Range
HKD 26.15–26.80
52-Week Range
HKD 22.55–36.85
Bid/Ask
HKD 26.65 / HKD 26.70
Market Cap
HKD 30.97 Bil
Volume/Avg
1.5 Mil / 1.7 Mil

Key Statistics

Price/Earnings (Normalized)
9.43
Price/Sales
1.16
Dividend Yield (Trailing)
5.91%
Dividend Yield (Forward)
5.91%
Total Yield
7.20%

Company Profile

Hengan International is a leading personal care product manufacturer in China. Its business comprises tissue paper products (54% of sales), sanitary napkins (27% of sales), disposable diapers (5% of sales), and others.
Sector
Consumer Defensive
Industry
Household & Personal Products
Stock Style Box
Large Value
Total Number of Employees
23,000
Website
https://www.hengan.com

Competitors

Valuation

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Metric
01044
PG
8113
Price/Earnings (Normalized)
 9.4325.0132.19
Price/Book Value
 1.377.834.01
Price/Sales
 1.164.812.97
Price/Cash Flow
 10.2319.9319.53
Price/Earnings
01044
PG
8113

Financial Strength

Metric
01044
PG
8113
Quick Ratio
 1.180.401.89
Current Ratio
 1.410.642.37
Interest Coverage
 5.1520.6626.12
Quick Ratio
01044
PG
8113

Profitability

Metric
01044
PG
8113
Return on Assets (Normalized)
 6.57%13.82%9.30%
Return on Equity (Normalized)
 14.47%35.61%15.44%
Return on Invested Capital (Normalized)
 6.75%20.62%12.88%
Return on Assets
01044
PG
8113
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