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00178 SA SA INT'L
RTNominal up0.790 +0.050 (+6.757%)
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22/11/2018 14:52

[I-bank focus]DB downgrades Sa Sa Int'l (00178) to HK$3.6

[ET Net News Agency, 22 November 2018] Deutsche Bank lowered its target price for Sa Sa
International Holdings (00178) to HK$3.6 from HK$4.5 and downgraded its rating to "hold"
from "buy".
The research house said Sa Sa's HK/Macau sales trend, 3Q FY2019 to date, has been weaker
than expected, especially for the first three weeks of November. Based on the current
trend, DB's original 7% sales growth for 2H FY2019 seems too aggressive, especially with
4Q FY2018 having a strong performance (high base). DB now expects sales growth of 1.9%
in 2H FY2019.
As such, it lowered its FY2019/20/21 net profit forecast by 3/15/20%, as it expects
slower sales growth to 8/2/4% from 11/7/8%. (KL)

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