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00551 YUE YUEN IND
RTNominal down11.440 -0.240 (-2.055%)
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18/05/2020 14:25

{I-bank focus}Daiwa starts Yue Yuen Industrial at HK$14

[ET Net News Agency, 18 May 2020] Daiwa Research initiated coverage on Yue Yuen
Industrial (00551), the world's largest branded shoe manufacturer, with an "outperform"
rating and a target price of HK$14.
Although Yue Yuen faces the same struggles as other Asian OEMs amid COVID-19
supply-chain disruption, the research house believes the market is now well versed in the
"low visibility" rhetoric and buy-side expectations have been largely reset, particularly
after Yue Yuen's 1Q results.
Considering accelerated global supplier consolidation, potential "revenge spending", and
heightened health awareness post-COVID-19, Daiwa sees scope for a strong rebound in Yue
Yuen's 2021 earnings and hence a share-price rerating. (KL)

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