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00590 LUK FOOK HOLD
RTNominal up19.240 +0.160 (+0.839%)
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17/07/2013 15:54

[I-bank focus]Citi slashes Luk Fook (00590) to HK$25

[ET Net News Agency, 17 July 2013] Citigroup slashed its price target for Luk Fook
Holdings (00590) to HK$25 from HK$29.5, and maintained its "buy" rating.
It said Luk Fook's strong 1Q2014 (April-June 2013) SSSG reiterated the strength of gold
products demand by Chinese consumers that had earlier been reported by Chow Tai Fook
Jewellery (CTF)(01929).
Adjusting for size, Citi said Luk Fook may have at best performed on par with CTF in
terms of capturing the surge in gold demand, but the benefits from the higher store
productivity could translate into better retail OPM.
Citi revised down its forecasts marginally by 1-2% on adjustments to its sales mix,
store openings, margin assumptions. It now sees sales growth of 29% and NP growth of 10%
in FY2014. (KL)

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