Equity Analysis /
Hong Kong

HK : Nissin Foods Co Ltd - Raising prices for surging raw material costs

    Ray Kwok
    Ray Kwok

    Technology Analyst

    CGS-CIMB
    25 March 2022
    Published by

    FY21 core net profit grew 6% yoy to HK$312m, 3% above our forecast on stronger-than-expected revenue growth in both the HK and China markets. China could deliver 12-14% revenue growth in FY22F, driven by network expansion. HK revenue should grow 5-10%, driven by non-noodle business. Maintain Add. TP slightly higher at HK$8.57, based on 18x ex-cash FY23F P/E.