VDAHF - Vinda International: Premiumization Remains Key Long-Term Growth Driver
Elevator Pitch
I maintain my "Bullish" rating on Hong Kong-listed Asian hygiene company Vinda International Holdings Limited (OTC:VDAHF) (OTCPK:VDAHY) [3331:HK].
Vinda International's profit margin expansion in 1Q2020 more than offset the negative impact of the coronavirus pandemic on its sales. The company is still targeting a double-digit revenue growth for FY2020, despite downside risks from the Southeast Asian market and B2B sales channel in 2Q2020. Vinda International's net profit grew by +64.8% YoY in 1Q2020, as the company's gross margin expanded by +11.2 percentage points to 37.5%. A spike in wood