[ET Net News Agency, 21 June 2019] Morgan Stanley lowered its target price for Pacific
Textiles Holdings (01382) to HK$7 from HK$9 and downgraded its rating to "equal-weight"
from "overweight".
The research house said the downgrade reflects lackluster growth seen for FY2020 given
lukewarm order growth outlooks at key customers, capping margin expansion and resulting in
muted bottom-line growth. However, a high cash dividend yield could provide solid downside
support to the share price.
Morgan said Pacific Textiles' FY2019 net profit of HK$360mn missed its estimate by 16%,
hampered mainly by soft sales (-12% YoY) that were 12% below Morgan's forecast, owing to
warmer winter in Japan earlier this year that resulted in lower order intake of synthetic
fabrics (especially used for Heattech products). (KL)
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01382 PACIFICTEXTILES
Nominal 
1.340 -0.050 (-3.597%) Research Report
21/06/2019 17:32
[I-bank focus]Morgan lowers Pacific Textiles (01382) to HK$7
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