Vitasoy(345.HK) Continuing expanding production capacity and channels in China market, double-digit growth is expected for the next three to five years March 20, 2019

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKDHKD 38.50

Investment Summary
Revenue increased 22% to HK$4448million, compared to 23% of last year`s growth. As
the main contributor to the company, revenue of Vitasoy China increased 33%, whereas
Hong Kong Operation increased 4%. Vitasoy China experienced strong growth in
recently years, we believe the reasons behind include the recognition of its soya milk and
lemon tea products has been improved. At the same time, deepening of the sales channels
in South China market, and the opening up of new markets.

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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