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Goldman starts Zhou Hei Ya (01458) at HK$9.6
Goldman Sachs initiated coverage on Zhou Hei Ya International (ZHY)(01458), a leading
 braised food company in China, with a "buy" rating, and a target price of HK$9.6.

  The research house expects ZHY to benefit from structural consumer trends: (1) Unique
sweet-spicy product taste. (2) Innovative packaging creates snack demand. (3)
Self-operated stores in transport hubs lead to impulsive purchases.
  Goldman expects store and online expansion to drive a 19% sales CAGR in 2016-19. In the
next three years, it expects ZHY to open 200-240 stores with a focus on transport hubs 
(ZHY has only 15% penetration). Goldman expects ZHY to post 13% profit growth from 2H on 
fast store expansion, online growth and stabilizing ASP.

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