Want Want China Holdings Ltd

00151: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$4.80	Dvqnhw	Mjdpnxqcj

Want Want Reports Respectable Fiscal 2020 but Cost Inflation Looms

Philip Gorham

Jun 23, 2021

Want Want reported respectable results for year ending March 31, 2021 (fiscal 2020), beating our forecasts for revenue growth but falling short of Pitchbook consensus estimates. The gross margin was 40 basis points above our forecasts and 20 above consensus--this led to similar upside at the EBIT margin. EPS of CNY 0.34 was in line with our and consensus forecasts. We lower our estimates of revenue growth and gross margin in fiscal 2021, primarily due to raw material cost inflation and the modest beat in fiscal 2020.

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