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China's largest maker of tissue paper, sanitary napkins and disposable diapers.
China's largest maker of tissue paper, sanitary napkins and disposable diapers.
Sells sanitary and tissue products mainly through supermarkets and online platforms, spending heavily on advertising and promotions. Pulp is its main raw material, so costs swing with pulp prices. The founding families remain significant shareholders.
In one line: China's Kimberly-Clark.
Moat: narrow (brand, scale, distribution). Long-established Hengan/Anerle brands with broad national distribution in a largely commoditized category.
Headquarters: Fujian, China · Founded: 1985 · Employees: 23,000
Size Hengan Int'l (1044.HK) is a Hong Kong Consumer Staples company (Household/Personal Care) with a market value of $3.28B, the 326th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$22.18 on 6 Nov 2026.
Performance Over six months the shares fell 16.0%, against +7.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +3.9%); the operating margin is 11.2% (peer median 12.4%).
Valuation It trades at 9.1× forward earnings against a peer median of 18.5× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (5.9% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$25.0B | HK$25.0B | HK$24.6B | HK$26.3B | HK$26.3B |
| Revenue growth | — | +2% | -6% | 0% | — |
| Gross profit | HK$8.80B | HK$8.43B | HK$7.91B | HK$8.82B | HK$8.90B |
| EBITDA | HK$3.97B | HK$3.72B | HK$3.39B | HK$4.10B | HK$4.26B |
| Net income | HK$2.70B | HK$2.75B | HK$2.49B | HK$3.09B | HK$2.24B |
| Free cash flow | HK$1.69B | HK$2.53B | HK$2.08B | HK$3.12B | HK$3.27B |
| Capital expenditure | HK$1.15B | HK$1.14B | HK$1.68B | HK$1.68B | HK$1.45B |
| Total debt | n/a | HK$17.6B | HK$14.0B | HK$15.7B | HK$19.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hengan Int'l 1044.HK | $3.28B | -16% | +2% | 11% | 9.1× | -8.8% |
| Softcare 2698.HK | $2.20B | -5% | +25% | 25% | 14.4× | 8.7% |
| Kimberly-Clark KMB | $66.5B | +12% | -12% | 14% | 15.3× | 4.1% |
| Procter & Gamble PG | $383B | +13% | +4% | 24% | 23.4× | -0.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1044.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.4% | +1.7% | 4th highest of 21 |
| 6-month return | -16.0% | +7.5% | 6th lowest of 21 |
| Distance from 52-week high | -23.6% | -21.9% | 10th lowest of 21 |
| Revenue growth (TTM) | +2.2% | +3.9% | 8th lowest of 21 |
| Operating margin | 11.2% | 12.4% | 10th lowest of 21 |
| Forward P/E | 9.1× | 18.5× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -8.8% | -0.1% | least demanding of 18 |
| Growth delivered (Del g) | -0.1% | +7.4% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | -8.7 pp | -2.8 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +3.4 pp | +5.5 pp | 8th lowest of 20 |
| EV / EBITDA | 6.3× | 11.9× | cheapest of 17 |
| Net debt / EBITDA | -0.2× | -0.8× | 6th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengan Int'l 1044.HK | Hong Kong | $3.28B | -16% | +2% | 11% | 9.1× | -8.8% | -0.1% |
| Kobayashi Pharmaceutical 4967.T | Japan | $3.29B | +20% | +4% | 6% | 50.2× | 17.6% | +1.9% |
| Lion 4912.T | Japan | $3.19B | +21% | +6% | 8% | 19.9× | -2.4% | +3.5% |
| Coty COTY | United States | $3.57B | +64% | -1% | 5% | 13.3× | 11.3% | +4.6% |
| Proya Cosmetics 603605.SS | China | $2.97B | -19% | +2% | 13% | 11.1× | -4.8% | +23.1% |
| Interparfums ITP.PA | France | $3.65B | +72% | -4% | 18% | 27.5× | 15.9% | +19.6% |
| Giant Biogene 2367.HK | Hong Kong | $2.76B | -34% | -10% | 32% | 9.7× | -8.0% | +34.9% |
| Rohto Pharmaceutical 4527.T | Japan | $3.97B | +17% | +10% | 12% | 16.7× | -2.1% | +13.7% |
| Winner Medical 300888.SZ | China | $2.69B | -2% | +4% | 11% | 20.9× | -4.3% | -2.6% |
| Gillette India GILLETTE.NS | India | $2.56B | -7% | +8% | 28% | 33.0× | 16.0% | +13.0% |
| LG H&h 051900.KS | South Korea | $2.56B | -8% | -3% | 3% | 18.5× | -0.1% | -4.1% |
| Procter & Gamble Hygiene & Health Care PGHH.NS | India | $2.40B | -29% | -2% | 24% | 27.3× | 15.4% | +7.4% |
| Colgate-Palmolive (India) COLPAL.NS | India | $4.83B | -23% | +9% | 28% | 32.2× | 30.8% | +4.5% |
| Cupid CUPID.NS | India | $4.83B | +158% | +122% | 34% | n/a | n/a | n/a |
| Softcare 2698.HK | Hong Kong | $2.20B | -5% | +25% | 25% | 14.4× | 8.7% | +20.9% |
| Mao Geping Cosmetics 1318.HK | Hong Kong | $4.92B | -28% | +32% | 31% | 15.0× | 4.7% | +41.1% |
| KOSE 4922.T | Japan | $2.16B | +7% | +3% | 4% | 27.2× | n/a | n/a |
| Cosmax 192820.KS | South Korea | $2.13B | +21% | +16% | 8% | 16.6× | n/a | n/a |
| Reynolds Consumer Products REYN | United States | $5.08B | +10% | +2% | 14% | 14.6× | -0.2% | +2.7% |
| Pola Orbis 4927.T | Japan | $1.96B | +8% | +1% | 10% | 28.8× | -3.1% | -0.7% |
| Kolmar Korea 161890.KS | South Korea | $1.89B | +23% | +13% | 10% | 13.0× | -0.9% | +15.5% |