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00178 SA SA INT'L
RTNominal up1.730 +0.020 (+1.170%)

16/10/2019 10:42

{I-bank focus}Nomura lowers Sa Sa Int'l (00178) to HK$1.5

[ET Net News Agency, 16 October 2019] Nomura lowered its target price for Sa Sa
International (00178) to HK$1.5 from HK$2.1 and maintained its "reduce" rating.
The research house said Sa Sa's 2Q FY2020 SSSG for Hong Kong and Macau further
deteriorated from -15.3% in 1Q FY2020 to -28.5%. The SSSG for Hong Kong was even weaker
at -36.8% versus +5.2% for Macau mainly due to the decline in tourist arrivals.
Further, management guided that the transaction volume from mainland tourists during the
golden week in Hong Kong was down 76.9% versus 51.2% drop in 2Q FY2020.
Nomura thinks Sa Sa is one of the most PRC tourist-reliant retail names and may record
the highest operational pressure among all Hong Kong peers given the impact of intensified
protests. It lowered its SSSG assumption for Hong Kong and Macau from -8% to -21% for
It also cut its FY2020/21 earnings forecasts by 55%/31% to reflect lower sales and GPM.

Remark: Real time quote last updated: 09/12/2019 17:59
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