Haleon Plc (HLN LN): Buy: Top line can improve to match the profit delivery

研报英文原文证据摘录

Haleon Plc (HLN LN): Buy: Top line can improve to match the profit delivery

urther benefits of 52-WEEK PRICE (GBPp)

the US shelf resets and a more normal flu season. Markets in the US within Haleon’s

categories are incrementally better than at the start of the year. The net of this is that

we look for sales growth to exit the year at above 4%, enabling the group to meet the 380

lower end of its 3-5% guidance range. 300

07/25 01/26 07/26

Better delivery on organic sales growth key: The big issue for Haleon investors is Target price: 440 High: 411 Low: 321 Current: 369

the pedestrian organic sales growth seen since the start of 2025, which has Source: LSEG IBES, HSBC estimates

averaged 2.7% in the last six quarters. While there have been some factors outside

Haleon’s control e.g. destocking and flu weakness, the overall picture has been Jeremy Fialko*, CFA

Senior Global Consumer Staples Analyst

slightly underwhelming. We expect that Europe will remain difficult given the sluggish HSBC Bank Middle East Limited, DIFC

end markets but think that emerging markets can get consistently into the high single- jeremy.fialko@hsbc.com

+971 4 509 3366

digit range, given Haleon’s penetration opportunities, while North America has scope

Diego Serrano*

to be in the 3-4% range more consistently. Analyst, Consumer Staples

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Re-rating potential once the top line improves: Thanks to the strong profit delivery Financiero HSBC

diego.serrano@hsbc.com.mx

and slightly more favourable FX, we have raised our earnings forecasts by 1-2%. Our +52 55 8551 3361

organic sales estimates are unchanged. We still think that there are sufficient Nitin Jaggi*

grounds for confidence that Haleon’s organic sales can improve on the back of Associate

Bangalore