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Daiwa lifts H&H Int'l (01112) to HK$61
Daiwa Research lifted its target price for Health
and Happiness H&H International (01112) to HK$61 from HK$54.6, and maintained its "buy"
rating.
  Having seen more advertising and marketing activity for H&H's Biostime infant formula
products and Swisse health supplement products in overseas markets (Hong Kong, France) 
since 4Q 2017, the research house remains confident of H&H's prospects of maintaining its
revenue momentum and market share (6% in 2017 for infant formula).
  Coupled with a stronger balance sheet as cash flow continues to increase, Daiwa expects
dividends to resume in 2018. It forecast H&H's revenue to see a 16% CAGR over 2018-19, 
driven by: (1) continuous growth in the health supplement market in China, and (2) ASP 
hikes for infant formula products (+5.8% in 2018) and accelerating growth in the infant
formula market in China.

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