[ET Net News Agency, 22 November 2019] Goldman Sachs tweaked its target price for Sa Sa
International Holdings (00178) to HK$1.54 from HK$1.55 and maintained its "neutral"
rating.
The research house said Sa Sa reported a net loss in 1H FY2020 at HK$37m (or HK$35m if
excluding IFRS impact), versus HK$203m net profit in 1H FY2019, worse than Goldman's
estimate of HK$14m loss due to less than expected cost savings in staff and rental.
Dividend payout is also ceased for 1H as expected. Overall weakness mainly came from the
HK markets due to a drastic decline in Mainland tourist visits.
Looking ahead, visibility remains low though the base should be getting easier into 4Q
FY2020.
Management highlighted the urgency of accelerating expansion in mainland China to
diversify regional risk, but Goldman expects the contribution to be still marginal in the
short term. It lowered its FY2020/21/22 net income by 48%-0% after factoring in GPM
improvement, rental cuts, more stringent cost savings and IFRS 16 impact. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00178 SA SA INT'L
Nominal 
0.750 +0.030 (+4.167%) Others
22/11/2019 16:48
{I-bank focus}Goldman tweaks Sa Sa Int'l (00178) to HK$1.54
| Remark: | Real time quote last updated: 24/04/2024 17:56 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |