Core Viewpoint - UBS initiates coverage on LeShuShi (02698) with a "Buy" rating and a target price of HKD 41, highlighting the company's unique positioning to capture long-term structural growth in African hygiene product consumption [1] Group 1: Company Overview - LeShuShi is positioned to benefit from favorable demographic trends, low category penetration rates, and decades of economic and consumption growth potential in Africa [1] - As a regional leader, the company boasts a durable competitive advantage through scale, localized manufacturing, distribution, and execution capabilities [1] Group 2: Financial Projections - UBS expects LeShuShi to maintain a 15% compound annual growth rate (CAGR) in sales from 2026 to 2028, while sustaining resilient profit margins [1] - The firm anticipates that the company's profit margin structure will remain stable, driven by localized manufacturing and scale advantages that enhance cost efficiency [1] Group 3: Market Dynamics - Potential favorable foreign exchange dynamics and selective expansion into Latin America are seen as additional growth opportunities [1] - The average selling price (ASP) in Latin America is higher than in Africa, suggesting that geographic diversification could lead to structurally higher profitability [1]
瑞银：首予乐舒适“买入”评级 目标价41港元