Vinda International (03331 HK) posted its unaudited 1-3Q2021 results, with revenue of HK$4,106 mn, slightly lower than our expectation of 7.2% YoY. Gross margin was down 1.9 ppt YoY to 35.0% due to inflated cost of wood pulp stock and lower utilization rate, coupled with higher packaging material prices, energy prices and logistics cost. The management expects Vinda to solidify its leader position in the tissue market during 4Q2021.
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