Group 1 - The core viewpoint of the report is that Leshush (02698) is rated as a "Buy" due to its strong position in the African market, benefiting from increased industry penetration and market share growth, particularly in the core category of baby diapers and rapidly growing sanitary napkins [1] - The company has established a competitive barrier and sustainability by focusing on the African market and expanding into emerging markets like Central Asia and Latin America, having developed a strong network of over 2,800 channel partners across 12 countries [1][2] - The African market for baby diapers, pull-ups, and sanitary napkins is projected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, with a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029, driven by increased penetration and a young population structure [2] Group 2 - The company has built a strong local manufacturing presence in Africa since 2018, making it the enterprise with the most factories in the region, ensuring a stable and responsive supply chain [3] - The company has a solid sales network covering over 80% of the population in key African countries, with strong relationships with wholesalers and distributors, creating high channel barriers [3] - The brand matrix is well-established, with the core brand Softcare and sub-brands like Maya and Cuettie, achieving a market share of 20.3% in baby diapers and 15.6% in sanitary napkins in Africa by volume in 2024, ranking first in both categories [3]