Vitasoy (345.HK) Growth in 2H slowing down, but still with medium and longterm growth potential July 3, 2019

PSR Recommendation: NEUTRAL Status: Maintained
Target Price: HKDHKD38.30

Investment Summary
Revenue of FY2018 increased by 16% y.o.y. On a constant currency basis, revenue and
profit attributable to equity shareholders increased by 18%, which is in line with our
expectations. Profit attributable to shareholders for the year increased by 20% y.o.y.
which is lower than our expectation as the operation expenses are higher than we
expected, and RMB depreciation. The company `s revenue of 2H increased by 9.2%
y.o.y. which is significantly slower than 1H i.e. 22%. GPM remained at 53%. The profit
attributable to equity shareholders fell by 5.7% y.o.y. It increased by 30.4% y.o.y. in 1H

About the author

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Tracy Ku
Investment Analyst

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.

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