UBS maintained its Bawang Group (1338.HK) buying rating, with a target price of HK$4.00. “One Week” reported in July that some Bawang Group shampoo products contain the carcinogen dioxane. However, UBS said that compared to channel survey results soon after the above incident occurred, the company's sales volume gradually rebounded. The survey at the time showed that sales volume fell by 60%-90%; Bawang Group allocated more budget for marketing in the second half of 2010, and management expected that marketing would continue to be strengthened in the first half of 2011; and UBS advised investors to buy the stock on dips. Bawang Group dropped 5.97% yesterday to close at HK$3.15.
瑞银维持霸王集团(1338.HK)买入评级，目标价4.00港元
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