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01308 SITC
RTNominal up16.500 +0.820 (+5.230%)
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26/03/2018 17:45

[I-bank focus] Morgan lowers SITC Int'l (00960) to HK$6.48

[ET Net News Agency, 26 March 2018] Morgan Stanley lowered its target price for SITC
International (01308) to HK$6.48 from HK$7.05, and downgraded its rating to "underweight"
from "equal-weight".
Despite better-than-expected earnings performance in 2017, the research house is
concerned about the sustainability of strong earnings momentum in 2018 in view of lower
volume growth.
Morgan likes SITC's good management quality and solid track record, and raised its 2018
net profit estimate by 5%, driven by efficiency gains as demonstrated in 2017 results.
However, it lowered its forecasts for traffic volume growth (5% versus 10% previously) and
ASP growth (1% versus 2%), leading to a 3% lower revenue estimate. (KL)

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