[ET Net News Agency, 14 November 2017] Macquarie Research raised its target price for
Sun Art Retail Group (06808) to HK$10.2 from HK$10, and reiterated its "outperform"
rating.
The research house said Sun Art's 3Q results have disappointed on the margins and its
profit attributable to shareholders declined by 6.8% YoY. However, Macquarie believes this
is just a blip and appreciate management's efforts to work on new business models (RT Mart
Fresh and B2B).
Macquarie said it would accumulate if the share price pulls back by 10-15%. It lowered
its FY2017 and FY2018 earnings by 1.6% and 3.9%, respectively. (KL)