[ET Net News Agency, 15 October 2018] Deutsche Bank lowered its target price for Cafe
de Coral (CDC)(00341) to HK$19.84 from HK$20.7, and maintained its "hold" rating.
The research house said lowered its FY2019/20/21 net profit forecasts by 2/4/4% to
reflect a slower sales growth, especially in HK due to lower-than-expected store openings.
For 1H FY2019, it reported 355 stores in HK (versus 378/366 in 1H FY2018/FY2018 and) and
98 stores in China versus 96/97 in 1H FY2018/FY18.
DB believes the lower-than-expected store openings in HK is due to lack of suitable
locations with reasonable rents. It thus expects CDC to achieve the low end of its FY2019
target to open 10-20 stores (gross) with SSSg growth at 3%, while store closures are
higher than expected.
For China, DB believes CDC will continue its target to open 20 stores (gross) in China
with SSSg at +8% for FY2019. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00341 CAFE DE CORAL H
Nominal 
7.750 0.000 (0.000%) Others
15/10/2018 17:41
[I-bank focus]DB lowers Cafe de Coral (00341) to HK$19.84
| Remark: | Real time quote last updated: 20/09/2024 18:00 |
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