[ET Net News Agency, 10 November 2017] Citi Research raised its target price for VTech
Holdings (00303) to HK$105 from HK$90, and maintained its "sell" rating.
The research house said VTech's 1H FY2018 results came in slightly above forecast on
margin thanks to better product mix from Leapfrog/Snom. Citi thus revised up its FY2018-20
profit estimates by 3-5%.
The stock has rallied 9% over the past 3 months reflecting the good results. Valuation
appears expensive at 17x FY2019 PE, Citi noted. It recommended that investors sell into
strength. (KL)