Money Talk Hong Kong 09 July 2013
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- Anissa Adams
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1 Stelux Holdings (84 HK) NON RATED All eyes on mass market Company Background Founded in 1963 originally as a watch component manufacturer in Hong Kong, the group established its first City Chain store in 1985 and acquired its optical business in Stelux operates a retail network of over 600 stores under two main brand names, City Chain and Optical 88, in Hong Kong, Macau, mainland China, Taiwan and South-east Asia. It recently rolled out its single-brand concept store, egg, in China, after a successful trial run in Hong Kong. Investment Highlights Leading player in mid-range watch and optical retail segment. Its house brands, eg Solvil et Titus, which account for 40-45% of sales, enjoy higher gross margins of 70-80% compared with 55-60% for agency brands eg Seiko. Foreign brands account for 40% of sales, with gross margins of 40-55%. Over the past few years, the group has substantially increased overall gross margin by strengthening its house brand product portfolio and subsequently its contribution to sales. Same-store sales growth resilient in 1QFY14. Management revealed that its Greater China operations achieved a high single-digit growth in its top-line, driven by a double-digit and single-digit same-store sales (SSS) growth in Hong Kong and China in 1QFY14 respectively. New Chinese CEO and Boyu Capital to strategically lead operations in China back to growth. The new team in China has managed to narrow losses over the last 18 months, from a loss of HK$37.0m in 2HFY12 to a loss of HK$23.2m in 2HFY13, an improvement of 37% yoy. Management targets its operations in mainland China to break even by FY15. Share Price Catalysts Better-than-expected sales in 2QFY14. Improvement in store productivity in 2QFY14. Share Price Target Price Upside Company Description HK$2.52 n.a. n.a. Stelux Holdings International Limited, through its subsidiaries, retails and distributes watches, glasses, and related optical gears. Stock Data GICS sector Retail-Jewelry Bloomberg ticker: 84 Shares issued (m): 1,046.5 Market cap (HK$m): 2,679.0 Market cap (US$m): mth avg daily t'over (HK$m): 4.9 Price Performance (%) 52-week high/low HK$3.32/HK$2.295 Major Shareholders % Mr Joseph Wong Price Chart Key Financials Year to 31 Mar (HK$m) F 2014F Net turnover 2, , , , ,108.5 EBITDA Operating profit Net profit (rep./act.) Net profit (adj.) EPS (fen) P/E P/BV Dividend yield (%) Net margin (%) Net debt/(cash) to equity (%) n.a. Interest cover n.a. ROE (%) Consensus net profit n.a. n.a Net turnover 2, , , , ,108.5 Source: Bloomberg Analysts Mila Wu mila.wu@uobkayhian.com.hk Stelux Holdings 1
2 Leading player in mid-range watch and optical retail segment. Its house brands, eg Solvil et Titus and CYMA, which account for 40-45% of sales and enjoy higher gross margins of 70-80% compared with 55-60% for agency brands eg Seiko. Foreign brands, eg Citizen and ENICAR, account for 40% of sales, with gross margins of 40-55%. Over the past few years, the group has substantially increased overall gross margin by strengthening its house brand product portfolio and subsequently its contribution to sales. Figure 1: Brand Portfolio House Brands Agency & Distribution Brands Foreign Brands Solvil et Titus SEIKO Citizen CYMA SUUNTO ENICAR PRONTO Agnes b. Casio EGG ROTARY GUESS OBAKU Fossil Yonger & Bresson Sultana Claude Bernard Vivienne Westwood HK & Macau performance defy industry downtrend. Segmental revenue from City Chain increased 15.6% yoy to HK$1,281.6m in FY13, with mainland Chinese tourists remaining as the key contributor, accounting for 60-70% of revenue. Gross margin improved by 1.8ppt to 66.6% in FY13 from 64.8% in FY12 due to an increase in contribution from house brands with higher gross margins and stable pricing policies. Management noted that they did not engage in discounting activities but focused on improving store operating efficiency to drive sales. Figure 2: Revenue By Geographic Location SE Asia 30.3% Greater China 69.7% Figure 3: Revenue By Business Segment Optical % Wholesale 12.4% Others 0.7% Citi Chain 55.1% SSS growth resilient in 1QFY14. Management revealed that its Greater China operations achieved a high single-digit growth in its top-line, driven by a double-digit and single-digit SSS growth in Hong Kong and China in 1Q14 respectively. Mass-market spending unaffected by crackdowns on lavish spending. Management noted that spending by the mainland Chinese remained rather resilient despite the Chinese government's crackdown on gifting activities and conspicuous consumption, when compared with luxury counters who all reported further declines in net profit, SSS growth and margins in FY13. Stelux Holdings 2
3 New Chinese CEO and Boyu to lead operations in China back to growth. In Dec 12, Boyu Capital, founded by the grandson of former president Jiang Zemin, entered into a strategic partnership with Stelux by subscribing for HK$371m of convertible bonds due in 5 years. With the help of Boyu, Stelux appointed Mr Ren Yi as the new China CEO. He has extensive knowledge of the Chinese retail market. Over the past 18 months, the new team has managed to reduce operating losses from a loss of HK$37.0m in 2HFY12 to a loss of HK$23.2m in 2HFY13, an improvement of 37% yoy. Management targets its operations in mainland China to break even by FY15. Continual restructuring of operations to focus on tier-2/3 cities. Despite the closure of non-performing stores (about 11% of total stores in China in FY13), watch sales in mainland China maintained a revenue growth of 3.5% yoy to HK$164.9m in FY13, due to active measures taken to improve store productivity. Management noted that the slowdown in tier-1 cities, where most of its stores are located, was more serious than expected. In the coming quarters, the new China team will focus on expanding into tier-2/3 cities, where sales are much more resilient and rental costs much lower, and on improving store productivity by optimising product offerings to adapt to local taste. The group has opened 4 stores in Wuhan, Wuxi, Chongqing and Hangzhou, where demand for its watches in such cities are significantly stronger than in tier-1 cities. Figure 4: Store Portfolio in Asia as of End-Mar 13 Store Portfolio No. of Stores Chg Citi Chain HK & Macau China Southeast Asia Optical 88 HK & Macau 93-7 China Southeast Asia egg HK 8 +5 China Total Optical 88: Strategic shift to target ageing demographic population. Hong Kong/Macau sales remained satisfactory with revenue of HK$752.1m, up 4.1% yoy, and gross margin remained at 65% in FY13, amid intense competition. Local customers accounted for 70-80% of sales. In contrast, the majority of Stelux's eyewear sales focus on lower-margin sunglasses in China, as a high proportion of its customers are tourists, whereby sales are often one-off and unstable. Management noticed a lack of optical shops that provide professional eye care services in China; hence the group will focus on developing its presence in the optometry market by opening stores in residential areas to target an affluent ageing population. Stelux Holdings 3
4 egg: the future growth engine of its optical business. Stelux launched its single-brand concept egg in Hong Kong, an eyewear fashion accessories brand aimed at younger fashion-conscious customers. The frames are manufactured by OEMs in China and Korea and the lenses are manufactured by Japan's Hoya. The optical glasses are priced at HK$ , enjoy high gross margins of above 70% and boast a quick service turnaround time of less than 2 hours. After a successful trial run in Hong Kong, Stelux subsequently rolled out egg stores in China. For now, there are 13 shops in Hong Kong, Beijing, Shanghai and Chongqing. Management expects egg to drive the growth of its optical business in the near future. Financials Stelux's net gearing ratio increased by 5.8ppt to 30.3% in FY13 from 24.5% in FY12. Return on equity decreased by 4.6ppt to 16.6% in FY13 from 21.2% in FY12. Both developments were due to a substantial increase in net debt from the convertible bonds issued to Boyu. Stock turnover days increased to 292 days from 256 days. However, the group improved inventory control in 2HFY13 by 7 days from 1HFY13 (299 days). Risks Rental costs and overheads continue to increase. Delay in narrowing losses at its China operations. Valuation/Recommendation Stelux is trading at around 13.1x 2013F PE and 2.2x 2013F P/B with a dividend yield of 2.3%. Stelux has been substantially rerated over the last 12 months due to Boyu Capital entering as a strategic partner and its inclusion in the MSCI Global Small Cap Indices. If the group continues to deliver above-industry SSS growth in the next few quarters, we expect the upward momentum in its share price to continue. Stelux Holdings 4
5 Bloomberg Consensus Recommendation Buy Sell Hold Valuation Ratios 3/10 3/11 3/12 3/13E 28/06/ % 0% 13% P/E 21.2x 7.0x 7.4x 13.1x Target Price (HK$) EV/EBIT 13.8x 6.7x 7.2x 12.4x Upside 36% 36% EV/EBITDA 5.3x 4.4x 5.5x 8.6x P/S 0.2x 0.3x 0.6x 0.8x Income Statement (HK$m) 3/10 3/11 3/12 3/13E P/B 0.6x 0.9x 1.6x 2.2x Revenue Div Yield 3.6% 3.8% 4.1% 2.3% Gross Income Operating Income Profitability Ratios % 3/10 3/11 3/12 3/13E Pretax Income Gross Margin Net Income Adjusted* EBITDA Margin EPS Adjusted Operating Margin Dividends Per Share Profit Margin Payout Ratio (%) Return on Assets EBITDA Return on Equity Peer Comparison Ticker Market PE P/B Yield 08 Jul 13 (HK$) Cap (HK$m) FY12 FY13F FY12 FY13F FY13F (%) Stelux Holdings 84 HK , Luk Fook Holdings 590 HK , Chow Tai Fook Jewellery Group 1929 HK , Emperor Watch & Jewellery 887 HK , Chow Sang Sang Holdings 116 HK , Hengdeli Holdings 3389 HK , Oriental Watch Holdings 398 HK , Time Watch Investments 2033 HK ,643.2 n.a n.a Average 14, Source: Bloomberg, UOB Kay Hian: Stelux Holdings 5
6 Traders Corner Weigao (1066 HK): Likely to pull back soon Current downtrend remains intact unless Weigao finds support near the broken resistance line near HK$7.70 to set up a rebound base. Given the steepness of the decline of the stock, the stock is likely to pull back soon. An upward breakout from the downtrend resistance line will make way for the stock to test the initial resistance at the psychological barrier of HK$9.00. Kunlun (135 HK): Tracing out a parallel downtrend channel Kunlun has been tracing out a parallel downtrend channel since Mar 13. With reference to the WLPR, the stock seems to have slowed down its downward momentum as it approaches the parallel channel bottom near the previous low of HK$ If the stock could find support in the neighbourhood of HK$11.31 and penetrate HK$13.00 thereafter, we will have to shift the resistance higher to HK$ Our above preferred view will remain valid unless the stock closes decisively below the previous low of HK$ PICC (2328 HK): Bullish divergence of RSI In the wake of the bullish divergence of RSI with PICC s stock price, PICC is consolidating between HK$8.16 and HK$8.89. Given the bullish divergence, the completion of the consolidation is likely to be followed by upward momentum. Once the 0.38x retracement level at HK$8.89 is breached by the upward momentum, we expect the next resistance to be situated at the 0.62x retracement level at HK$9.34. Source: HKETNet Barole Shiu, CAIA. CMT Barole.shiu@uobkayhian.com.hk Stelux Holdings 6
7 As of 9 July 2013, the analyst and his / her immediate family do not hold positions in the securities recommended in this report. We have based this document on information obtained from sources we believe to be reliable, but we do not make any representation or warranty nor accept any responsibility or liability as to its accuracy, completeness or correctness. Expressions of opinion contained herein are those of UOB Kay Hian (Hong Kong) Limited only and are subject to change without notice. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of the addressee only and is not to be taken as substitution for the exercise of judgement by the addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell any securities. UOB Kay Hian and its affiliates, their Directors, officers and/or employees may own or have positions in any securities mentioned herein or any securities related thereto and may from time to time add to or dispose of any such securities. UOB Kay Hian and its affiliates may act as market maker or have assumed an underwriting position in the securities of companies discussed herein (or investments related thereto) and may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. UOB Kay Hian (U.K.) Limited, a UOB Kay Hian subsidiary which distributes UOB Kay Hian research for only institutional clients, is an authorised person in the meaning of the Financial Services and Markets Act 2000 and is regulated by Financial Services Authority (FSA). In the United States of America, this research report is being distributed by UOB Kay Hian (U.S.) Inc ("UOBKHUS") which accepts responsibility for the contents. UOBKHUS is a broker-dealer registered with the U.S. Securities and Exchange Commission and is an affiliate company of UOBKH. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact UOBKHUS, not its affiliate. The information herein has been obtained from, and any opinions herein are based upon sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All opinions and estimates herein reflect our judgement on the date of this report and are subject to change without notice. This report is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein. From time to time, the firm preparing this report or its affiliates or the principals or employees of such firm or its affiliates may have a position in the securities referred to herein or hold options, warrants or rights with respect thereto or other securities of such issuers and may make a market or otherwise act as principal in transactions in any of these securities. Any such non-u.s. persons may have purchased securities referred to herein for their own account in advance of release of this report. Further information on the securities referred to herein may be obtained from UOBKHUS upon request. UOB Kay Hian (Hong Kong) Research Department Room 901, 9/F, Aon China Building, 29 Queen's Road Central, Hong Kong Tel: (852) , Fax: (852) MCI (P) 122/03/2013 RCB Regn. No E Stelux Holdings 7
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Link REIT 领展房地产基金 (823 HK) Riding the momentum of retail recovery Link REIT announced its FY18 annual result yesterday. It is in line with our estimates. Total distributable income in FY18 grew 7% YoY
More informationCOMPANY / INDUSTRY NEWS Harmonicare Medical Holdings Limited [1509.HK, HK$5.00, NOT RATED] Lackluster outlook with rich valuation
We recently visited Shenzhen Harmonicare Hospital, which is part of Harmonicare Medical. The latter s existing traditional gynecology (GYN) hospitals are maturing and delivering stagnant growth. Further
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationWe expect Hang Seng Index to be highly volatile in the short term. Market Overview
8 November 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,147.69 0.1% -0.2% -14.0% -9.5% HSCEI (H-Shares) 10,641.48 0.1% 2.4%
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 17 th August 2007. WING HANG BANK LIMITED ( 永亨銀行 ) Sector
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview
30 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,812.04 0.4% -10.7% -19.5% -12.4% HSCEI (H-Shares) 10,012.63-0.5%
More informationDRAGON CROWN GROUP HOLDINGS (935.HK) 1H 2013 Review: Bucked the Trend. Company Profile. 1-Yr Price Performance vs. HSI. Basic Share Information
20 August 2013 LOGISTIC SERVICES DRAGON CROWN GROUP HOLDINGS (935.HK) BUY TARGET Maintain HK$1.30 Previous Target HK$1.30 Consensus Target N/A Current (19/8/2013) HK$0.98 Upside 33% Market Cap. HK$1,087.5M
More informationHang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Oversea Commodities and FX Market Overview
4 September 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 27,712.54-0.6% 0.1% -9.4% -0.1% HSCEI (H-Shares)
More informationKEY STORY. Update Shimao Property (813 HK/BUY/HK$15.78/Target: HK$19.23) Page 2 Lagging behind. HONG KONG
PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. KEY STORY MALAYSIA Initiate Coverage JCY International (JCYH MK/BUY/RM.7/Target: RM1.8) Page 14 Initiate coverage with a BUY and target price
More informationAnhui Conch [0914.HK]
Anhui Conch [0914.HK] Due to high base effect in 1H14 and weak cement price trend year-to-date, we forecast Anhui Conch s 1H15 recurring net profit to decline 41% year-on-year (YoY) to RMB3.45bn. As a
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 15 th August 2008. ICBC (ASIA) LIMITED ( 工銀亞洲 ) Sector : Banking
More informationFila Korea (081660) Widespread growth potential
Fila Korea (8166) BUY (Maintain), TP: W98, (Maintain) Stock price (Apr 26, KRW) 83,5 Yr to Sales OP EBT NP EPS % chg EBITDA P/E EV/EBITDA P/B ROE Market cap (USD mn) 697 Dec (W bn) (W bn) (W bn) (W bn)
More informationYum Cha 飲茶. March 28, 2017 TALKING POINT - DOUBLE HIT IN LATE MARCH RESEARCH NOTES SNIPPETS. INDICES Closing DoD%
Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 24193.7 (0.7) HSCEI 10362.0 (1.1) Shanghai COMP 3267.0 (0.1) Shenzhen COMP 2039.4 (0.4) Gold 1254.4 0.9 BDIY 1282.0 3.4 Crude Oil, WTI(US$/BBL) 47.7 (0.5)
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 26 th February 2016. CHONG HING BANK LIMITED ( 創興銀行 ) Sector
More informationSands China [1928.HK] Q Market Share Gainer our TP raised by 59%
Sands China [1928.HK] Q3 13 - Market Share Gainer our TP raised by 59% Q3 adjusted property EBITDA up 6.7% YoY, 19.4% QoQ to US$784.3m, on: 1) continued ramp-up of Sands Cotai Central (SCC) with US$224.3m
More informationMalaysia. Padini Holdings Strong earnings momentum. Buy (unchanged) Results Review 30 November 2011
PP16832/01/2012 (029059) Malaysia Results Review 30 November 2011 Buy (unchanged) Share price: Target price: RM1.05 Kang Chun Ee chunee@maybank-ib.com (603) 2297 8675 Stock Information RM1.16 (unchanged)
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 31 st July 2007. HANG SENG BANK LIMITED ( 恒生銀行 ) Sector
More informationCOMPANY / INDUSTRY NEWS
June 27, 2016 Company background. Shun Tak Holdings, which was listed on the main board in 1973, is a conglomerate with businesses including property, transportation, hospitality and investment. Most of
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
19 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,454.55 0.0% -7.1% -17.1% -9.6% HSCEI (H-Shares)
More informationConsumer Sector (HK Retail)
China / Hong Kong Industry Focus Refer to important disclosures at the end of this report DBS Group Research. Equity 8 May 217 Encouraging signs HK retail sales for Mar 217 beat expectations, along with
More informationRajesh Exports Bloomberg: RJEX_IN Consumer Discretionary: Gold Jewellery Manufacturer
Monday, February 15, 2016 www.evaluateresearch.com Target Price Rs. 915.00 Current Price Rs. 720.00 Upside Potential 25% Market Cap. Shares Outstanding Rs. 214,048mn $ 3.15bn 295mn Free Float (FF %) 77mn
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 6 th March 2007. WING LUNG BANK LIMITED ( 永隆銀行 ) Sector : Banking
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
More informationLeju Holdings (LEJU US)
Equity Research Property Leju Holdings (LEJU US) Hold (Initiation) Target price: US$16.00 Fairly valued major real estate services provider; initiate at Hold Major real estate services provider in China
More informationWe take a neutral view on Hang Seng Index this month with a trading range of 26,000-28,000. Market Overview. Hang Seng Index Performance
9 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 26,202.57-1.4% -2.9% -13.3% -7.5% HSCEI (H-Shares) 10,393.29-1.3% -1.6%
More informationHong Kong Exchange [0388.HK]
Hong Kong Exchange [0388.HK] We believe the proposed establishment of New Board Premium and New Board Pro will be another game changer for the HKEx after the launch of the Stock Connect in November 2014.
More informationWe expect Hang Seng Index to have a technical support at 24,000. Market Overview. Hang Seng Index Performance
26 October 2018 Hang Seng Index Performance Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 24,994.46-1.0% -10.1% -16.7% -11.4% HSCEI (H-Shares) 10,176.56-0.5%
More informationHOLD BUY. China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally
September February 27, 1, 2015 2016 China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally Singyes s 1H16 earnings growth of 42% YoY
More informationIGG (799 HK) Buy (maintained) Target price: HK$3.75. Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.
Equity Research Information Technology IGG (799 HK) Buy (maintained) Target price: HK$3.7 Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.7 Lowerthanexpected 2Q
More informationGathering momentum. BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar Result Update. Key points:
Mar-10 May-10. Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 TSC Group (TSC 集團 ) BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar 2011 Gathering momentum Equity Research Oil & Gas equip/
More informationCoway ( KS) Good start to China water-purifier market entry. Korea Research KRW121,000 KRW103,000. Event. Impact. Action and recommendation
Korea Research This research report is a product of (Korea) Flashnote Korea / Consumer 1 June 2016 BUY Target price Last price (31 May 2016) KRW121,000 KRW103,000 Upside/downside (%) 17.5 KOSPI 1,983.40
More informationSUNWAY BUY. FY15 operating earnings within expectations. Company report. (Maintained) CONGLOMERATE
SUNWAY CONGLOMERATE (SWB MK EQUITY, SWAY.KL) 29 Feb 2016 FY15 operating earnings within expectations Company report Thomas Soon soon-guan-chuan@ambankgroup.com 03-2036 2300 Rationale for report: Company
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We see several positive factors in Regal s outlook. First, the revenue per available room (RevPAR) of its hotel business is expected to see 5-10% YoY recovery this year, which will likely drive much higher
More informationRecommendation: BUY. CIMC Enric Holdings Ltd. (3899.HK) 18 August 2014 TP: HK$14.2 (+42.7%) SECTION 1 RESULTS BRIEFING SECTION 2 COMPANY BACKGROUND
Recommendation: BUY TP: HK$14.2 (+42.7%) CIMC Enric Holdings Ltd. (3899.HK) 18 August 2014 SECTOR: Oil & Gas equipment HSI: 24,955.46 PRICE: HK$9.95 EARNINGS (reported in RMBm) KEY DATA For the fiscal
More informationWe expect Hang Seng Index to make a technical rebound in near term. Market Overview. Hang Seng Index Performance
15 October 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 25,266.37-3.5% -4.1% -18.0% -11.2% HSCEI (H-Shares)
More informationWING HANG BANK LIMITED ( 永亨銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Kelvin Li 18 th August 2006 WING HANG BANK LIMITED ( 永亨銀行 ) Sector : Banking
More informationTELEKOM MALAYSIA BUY. Focused on convergence & digitisation. Company report. (Maintained) TELECOMMUNICATION
TELECOMMUNICATION TELEKOM MALAYSIA (T MK EQUITY, TLMM.KL) 24 May 2017 Company report Alex Goh alexgoh@ambankgroup.com 03-2036 2280 Focused on convergence & digitisation Rationale for report: Company update
More informationResults Review. 3QFY13: Downsizing its workforce. Technology Bloomberg Ticker: UNI MK Bursa Code: November 2013
Results Review (Member of Alliance Bank group) PP7766/03/2013 (032116) 8 November 2013 Analyst Toh Woo Kim wookim@alliancefg.com +603 2604 3917 12-month upside potential Previous target price 0.89 Revised
More informationWING HANG BANK LIMITED
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Paul Sham 7 th March 2014. WING HANG BANK LIMITED ( 永亨銀行 ) Sector : Banking
More informationCOMPANY UPDATE. March 16, 2018
Summary. The 2017 results of Emperor Watch & Jewellery (EWJ) is an another example showing that high-end luxury retail market in Hong Kong has recovered. The Company s performance in Jan-Feb 2018 is even
More informationExport-oriented dividend yield play; initiate at Hold. Net profit (US$ m) Turnover (US$ m) YoY chg (%)
Equity Research Information Technology VTech (303 HK) Hold (initiation) Target price: HK$109.00 Exportoriented dividend yield play; initiate at Hold Initiate at Hold We initiate coverage of VTech with
More informationYear end 31 Dec E 2010E 2011E Revenue (HK$ mn) 32, , , , ,
SJM (880 HK) Company update Not rated 16 September, 2009 Interim Results 2009: 1H 2009 results overview: In 1H 2009, SJM s gaming revenue decreased by 4.3% to HK$ 14.7 billion and accounted for 99% of
More informationXtep International (1368 HK)
Equity Research Consumer Discretionary International (1368 HK) Hold (Initiation) Target price: HK$3.66 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationLuk Fook Holdings Int'l
Asia Pacific/Hong Kong Equity Research Luxury Goods Rating OUTPERFORM* [V] Price (3 Jan 11, HK$) 26.9 Target price (HK$) 33.8¹ Chg to TP (%) 25.7 Market cap. (HK$ mn) 14,593 (US$ 1,878) Enterprise value
More informationWe expect Hang Seng Index to move within the range of 29,500 and 31,500 in near term. Hang Seng Index Performance
21 June 2018 Hang Seng Index Performance Source: Bloomberg Major Market Indicators % Change Hong Kong Close 1-Day 1-Mth 6-Mth 12-Mth Hang Seng Index 29,696.17 0.8% -4.9% 1.1% 15.6% HSCEI (H-Shares) 11,505.74
More informationSECTOR: Banking HSI: 22,561 PRICE:HK$5.37
Recommendation BUY Target Price: HK$6.92 (+28.9%) Industrial and Commercial Bank of China (1398.HK) 5 March 2013 SECTOR: Banking HSI: 22,561 PRICE:HK$5.37 EARNINGS (RMBm) KEY DATA For the fiscal year ended
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H O N G K O N G 7 September 212 Stock Focus CSI P ROPERTIES (497 HK) Up And Coming NOT RATED HK$.315 In the eight years since its backdoor listing in 24, CSI has evolved from a property trader into a serious
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