[ET Net News Agency, 21 June 2019] Citi Research lowered its target price for Pacific
Textiles Holdings (01382) to HK$9.2 from HK$10 and maintained its "buy" rating.
The research house said Pacific Textiles' FY2019 net profit of HK$862m was in line with
Citi's forecast HK$867m. Citi sees the missing revenues growth as worse-than-expected
order disruption on UQ Heattech due to warmer weather.
It thus reduced its earnings estimates by 7-9% in FY2020-21. Having said that, Citi sees
the results downside for FY2020 as curtailing based on positive order growth of single
digit and acquisition of global leading customer in sportswear through new product using
Toray yarn.
Citi exclusively hosted the group post-results call. Management guided flat revenue in
FY2020 as a result of single-digit volume growth offset by ASP down by single-digit on
lower material cost. (KL)
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01382 PACIFICTEXTILES
Nominal 
1.340 -0.050 (-3.597%) Others
21/06/2019 17:43
[I-bank focus]Citi trims Pacific Textiles (01382) to HK$9.2
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