Investment Summary
Hengan`s competitor Vinda announced its 2018 annual results. Its total revenue increased by 10.3% y.o.y to HKD14.879 billion, GPM fell 1.6 ppt to 28.1%. Vinda increased its price twice last year, but GPM are still falling, reflecting the impact of a sharp rise in wood pulp price during the year. Affected by factors such as price hikes, and the advance payment of 618 e-commerce consumption, Hengan and Vinda`s tissue business all faced a significant slowdown in the third quarter, but recovered in the fourth quarter
Graduated from Chinese University of Hong Kong, majoring in Economics for Bachelor Degree, and Journalism for Master Degree. Worked in financial news industry for more than four years.
Currently cover retailing, property sectors and IPOs. Good at analysis for the companies with economic policies and industry prospects.
