[ET Net News Agency, 25 November 2019] Daiwa Research lowered its target price for
Pacific Textiles (PT)(01382) to HK$7.5 from HK$8.1 and maintained its "buy" rating.
The research house hosted the management of PT on an NDR in Hong Kong following its 1H
FY20 results. Despite the unexciting results, Daiwa believes PT is still an attractive
yield stock and is a perfect acquisition target over the mid to long term for its existing
major shareholder, Toray Industries.
It cited management saying that UNIQLO has now changed its purchasing pattern for
Heattech fabric, and will now mainly rely on rush orders (7 days from order placement to
shipment). Management expects most of its future revenue growth to be driven by sportswear
customers, particularly from Nike and Anta Sports (02020), which are still seeing strong
order momentum.
Daiwa cut its FY2020-22 EPS forecasts by 10-12% on lower top-line growth estimates. (KL)
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01382 PACIFICTEXTILES
Nominal 
1.410 0.000 (0.000%) Others
25/11/2019 10:17
{I-bank focus}Daiwa trims Pacific Textiles (01382) to HK$7.5
| Remark: | Real time quote last updated: 25/04/2024 14:42 |
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