China's Condiment Players to Perform Weakly in Q2, H1, Jefferies Says

MT Newswires Live07-15

Jefferies said it expects a weaker Q2 and H1 performance for China's condiment players, according to a note published on Friday.

The equity research firm cut its earnings forecasts for Jonjee Hi-Tech Industrial and Commercial's (SHA:600872) core businesses by 15% to 24% from 2024 to 2026 due to weaker-than-expected condiment sales, under channel reform and expansion amid weak macro conditions and increased competition.

Jonjee's preliminary H1 release implies a 12% revenue decline to 1.14 billion yuan and a 14% to 54% drop in net profit, excluding one-off items, to between 69 million yuan and 131 million yuan, Jefferies said.

Meanwhile, Jefferies lowered its 2024 to 2026 earnings forecasts for Yihai International (HKG:1579) by 7% to 8% due to lower other income and gains, although sales in both related-party and third-party channels will continue to rise.

Jefferies said it estimates Yihai to book a net profit of 311 million yuan in H1, down 13%.

The equity research firm said it sees Foshan Haitian Flavouring and Food (SHA:603288) growing its Q2 sales and net profit by 5% and 7% to 6.3 billion yuan and 1.48 billion yuan, respectively.

Weakened consumption sentiments and slower catering demand growth will drive slower quarterly expansion for the company, but channel inventory level is expected to be relatively controllable, Jefferies said.

Price (HKD): $34.34, Change: $-0.30, Percent Change: -0.87%

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