[ET Net News Agency, 18 October 2019] Citi Research raised its target price for Luk
Fook Holdings (00590) to HK$25.1 from HK$22.9 and maintained its "buy" rating.
The research house said Luk Fook's HK & Macau SSSG deteriorated to -39% in 2Q FY2020
(from -10% in 1Q), due to high base, gold price surge (since mid-June) and protest in HK
(since mid-Jun). Mainland China SSSG of self-operated stores deteriorated to -25% in 2Q
(from -7% in 1Q), due to high base plus weak sentiment in connection with the trade war.
For the first two weeks of October, HK & Macau SSSG further declined, but Mainland
China SSSG saw improvement for both self-operated and licensed stores.
Citi adjusted its FY2020/21/22 SSSG forecast to -26%/-6%/0% (from -23%/0%/0%) for HK &
Macau and to -7%/0%/0% (from -2%/0%/0%) for Mainland China, and hence revised down its net
profit forecasts by 7%/11%/10%. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00590 LUK FOOK HOLD
Nominal 
18.260 -0.140 (-0.761%) Others
18/10/2019 17:20
{I-bank focus}Citi raises Luk Fook (00590) to HK$25.1
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