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Research Report

22/07/2020 14:22

{I-bank focus}Nomura raises L'Occitane (00973) to HK$13.3

[ET Net News Agency, 22 July 2020] Nomura raised its target price for L'Occitane
(00973) to HK$13.3 from HK$12.7 and maintained its "neutral" rating.
Despite the gradual reopening of its retail stores, with only 11% of its store network
closed now versus 75% being closed at the peak in April, as well as the relatively strong
momentum in e-commerce, the research house thinks management's guidance for FY2021 is
still cautious, expecting 5-10% sales decline and OPM (operating profit margin) of 5-7%.
Elemis' performance will likely remain challenging, with cruise ship travel on hold due
to COVID-19. Nomura expects the brand to deliver muted sales growth of 5% in FY2021 but a
stable OPM of 25%.
Nomura cut its FY2021-22 earnings forecast by 32%/12% to reflect the weak sales and
operating deleverage. (KL)

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