Hengan International Group (SEHK:1044) Margin Improvement Challenges Long Term Earnings Decline Narrative

Simply Wall St.

03/18

Advertisement Hengan International Group (SEHK:1044) has posted its FY 2025 results with second half revenue of C¥11.3b and basic EPS of C¥1.02, alongside trailing 12 month revenue of C¥23.1b and EPS ...

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This gives investors a clear read on the latest earnings run rate. The company has seen revenue move from C¥10.8b and EPS of C¥0.78 in the second half of 2024 to C¥11.3b and EPS of C¥1.02 in the second half of 2025. Trailing 12 month net income stands at C¥2.54b, providing context for investors to...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999014674.SGD":"Nikko AM All China Equity A SGD","BK1207":"个人用品","BK1500":"做空集合股","01044":"恒安国际"},"translate_title":"恒安国际集团（SEHK：1044）利润率改善面临长期盈利下降的挑战叙述","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01044":0.9},"content_text":"Advertisement Hengan International Group (SEHK:1044) has posted its FY 2025 results with second half revenue of C¥11.3b and basic EPS of C¥1.02, alongside trailing 12 month revenue of C¥23.1b and EPS of C¥2.23. This gives investors a clear read on the latest earnings run rate. The company has seen revenue move from C¥10.8b and EPS of C¥0.78 in the second half of 2024 to C¥11.3b and EPS of C¥1.02 in the second half of 2025. Trailing 12 month net income stands at C¥2.54b, providing context for investors to weigh modest growth forecasts against an 11.0% margin profile. See our full analysis for Hengan International Group. With the headline numbers on the table, the next step is to see how these results line up with the prevailing stories about Hengan, and where the data pushes back against the more widely held narratives. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:1044 Earnings & Revenue History as at Mar 2026 11% net margin and high earnings quality  Trailing 12 month net income of C¥2,535.0m on C¥23,068.9m of revenue works out to an 11.0% net margin, compared with 10.1% a year earlier. What stands out for a bullish view is that this 11.0% margin is paired with earnings quality described as high, while earnings are forecast to grow about 3.1% per year and revenue about 2.8% per year, which is slower than the Hong Kong market averages of 12.2% and 8.3%.\n     Supporters can point to the higher margin level and the C¥2,535.0m of trailing net income as evidence that recent profitability is holding up, even if growth is modest. The contrast is that, despite this margin profile and high earnings quality, the five year earnings trend shows a 12.3% annual decline, so the recent 10.3% earnings growth is coming off a weaker long term base rather than a steady climb.    Some investors see this mix of high quality earnings and an 11.0% margin as a turning point worth tracking, especially with forecasts pointing to steady, if slower than market, growth.📊 Read the what the Community is saying about Hengan International Group. Half year EPS swings against a weak five year trend  Within FY 2025, first half basic EPS of C¥1.21 on revenue of C¥11,808.2m compares with second half basic EPS of C¥1.02 on C¥11,260.6m, while trailing 12 month EPS is C¥2.23 against a five year earnings trend that declined 12.3% per year. Bears often focus on that 12.3% annual earnings decline over five years, and the H2 2025 EPS of C¥1.02 versus H1 2025 EPS of C¥1.21 can look like support for a cautious view, even though the latest 12 month earnings grew 10.3% compared with that longer term average.\n     Critics highlight that the company needed a trailing 12 month net income of C¥2,535.0m to achieve the recent improvement, yet over a longer stretch earnings were shrinking on average, which can make investors question how durable the current level is. At the same time, the most recent trailing 12 month revenue of C¥23,068.9m sits close to the prior year figure of C¥22,669.2m, so the upgrade in earnings versus the long run decline is coming more from profitability than from a sharp top line shift.    P/E of 11x and gap to DCF fair value  The shares trade on a P/E of about 11x, compared with peer and industry averages of 18.4x and 21.7x, and the current price of HK$27.28 sits below a DCF fair value of HK$44.76 and an analyst price target of HK$28.71. Supporters of the bullish side argue this valuation setup heavily supports the case that the stock is priced more cautiously than the fundamentals alone suggest, given the 11.0% trailing net margin, the C¥2,535.0m of net income and the modest 3.1% and 2.8% earnings and revenue growth forecasts, especially when compared with the wider market growth figures of 12.2% and 8.3%.\n     The roughly 39.1% gap between the HK$27.28 share price and the HK$44.76 DCF fair value points to a material discount, even though the company is not matching the market’s forecast growth rates. The lower 11x P/E versus peers on 18.4x and the industry on 21.7x comes alongside a trailing net margin that has moved from 10.1% to 11.0%. Some investors read this as a sign that the discount is being applied despite a firmer profitability profile and modest forward growth.    Some investors look at that combination of lower P/E, gap to DCF fair value and steady profitability and ask whether the stock is being treated as lower quality than its 11.0% margin and high earnings quality suggest. Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Hengan International Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. Mixed signals or early shift, either way the numbers are on the table for you to weigh the trade off between concerns and potential. If you want to see how the current data ties into both the risks and the upside case, check out the 3 key rewards and 1 important warning sign See What Else Is Out There Hengan's modest 3.1% earnings and 2.8% revenue growth forecasts compared with higher Hong Kong market averages, along with a weak five year earnings trend, highlight its slower growth profile. If that slower earnings momentum concerns you, it is worth comparing it with companies screened for stronger growth potential and quality using the 229 high quality undervalued stocks  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Hengan International Group might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}