Foshan Haitian Flavouring and Food Co Ltd Class A

603288: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥44.00	Mmsy	Klsnvfktm

Haitian: Diversifying Products and Channels to Drive Longer-Term Profit Growth; Shares Undervalued

Jacky Tsang

Aug 12, 2024

We review our earnings forecasts before the release of wide-moat Haitian Flavouring and Food’s second-quarter results. We maintain our 2024 revenue and net income growth expectations of 7.5% and 9.8% year over year, respectively. We believe Haitian’s product diversification away from soy sauce and channel diversification to industrial channels should drive longer-term profit growth. In addition, we see meaningful organization reforms, and Haitian is building a larger salesforce catering to more customized condiment products for new clients.

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