Core Viewpoint - Bank of America Securities reports that Hengan International (01044) experienced a 0.2% year-on-year decline in sales for the first half of the year, with a 2.6% decrease in net profit after tax, aligning with market expectations [1] Group 1: Financial Performance - Hengan International's net profit forecast for the next two years has been reduced by 7% due to the sales decline [1] - The target price for Hengan International has been raised by 8% to HKD 25.5, with the target price-to-earnings ratio for 2025 increased to 11 times from the previous 9 times [1] Group 2: Product Performance - Sales of tissue products have shown signs of recovery, attributed to easing promotional competition in the domestic market and the company's ongoing development of e-commerce and new retail channels [1] - However, the sales of sanitary napkin products continue to struggle, with a 14.4% decline in sales for the first half of the year, indicating a challenging recovery path [1]
美银证券：升恒安国际目标价至25.5港元 续予“中性”评级