Pauli has written a new analysis of HKFoods following the company’s Q4 results 
The streak of earnings improvements from recent years continued in Q4, with earnings and cash flow exceeding our forecasts. We see the company as well-positioned to continue improving its performance in the current year as well. Furthermore, the company will consider options for refinancing its current expensive bond, which is likely to significantly lower financing costs starting next year. Despite the recent rise in the share price, we still view the valuation as quite attractive.