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RTNominal up5.890 +0.070 (+1.203%)

19/09/2019 16:07

{I-bank focus}Citi lowers Lifestyle Int'l (01212) to HK$9.5

[ET Net News Agency, 19 September 2019] Citi Research lowered its target price for
Lifestyle International Holdings (01212) to HK$9.5 from HK$12.5 and maintained its "buy"
The research house said expects July and August sales to decline by 20% and 50%
respectively, and September potential decline to be between July and August.
Citi expects a narrower decline in 4Q versus 3Q assuming slight recover of local
consumption. Lacking of tourism consumption contribution, Citi expects 2H sales proceeds
to decline by 30%.
Given limited operating expenses (7.6% of sales proceeds), which are assumed all fixed,
Citi expects operating profit to decline by 40% in 2H and 20% in 2019 full year. It nudged
down its 2019/20/21 core earnings forecasts by 9%/10%/10% to reflect lower sales and EBIT
margin forecasts. (KL)

Remark: Real time quote last updated: 19/01/2021 17:59
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