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00590 LUK FOOK HOLD
RTNominal down17.780 -0.700 (-3.788%)
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04/10/2018 16:55

[I-bank focus]Jefferies lowers Luk Fook (00590) to HK$32

[ET Net News Agency, 4 October 2018] Jefferies Research lowered its target price for
Luk Fook Holdings (00590) to HK$32 from HK$39, and maintained its "buy" rating.
The research house said HK retail sales growth and mainland tourist visitation data
improved in August versus July. September retail sales may be slightly impacted by Typhoon
Mangkhut but it expects the opening of the HK section high speed train to bring more
mainland visitors and benefit HK retail market going forward.
Jefferies revised up its FY2019 HK/Macau SSSG estimates to 12% from 8% for LF due to
strong gold sales. It kept China SSSG estimates unchanged at 2%. It revised up FY2019
revenue/net profit by 2.4%/0.9% and estimated FY2019 revenue at HK$16.1bn (+10.3% yoy) and
NP at HK$1.5bn (+10.4% yoy; net margin 9.4%). (KL)

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