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00551 YUE YUEN IND
RTNominal up12.360 +0.960 (+8.421%)
Research Report

25/10/2019 17:25

{I-bank focus}Goldman cuts Yue Yuen Ind (00551) to HK$22.2

[ET Net News Agency, 25 October 2019] Goldman Sachs lowered its target price for Yue
Yuen Industrial (Holdings)(00551) to HK$22.2 from HK$22.6 and maintained its "neutral"
rating.
The research house revised down its net income for Yue Yuen by 0-2% in 2019-21 to factor
in 3Q sales data and margin pressure as management kept a cautious tone due to the high
base last year from high utilization rate.
But Goldman sees margin pressures from production relocation and more complicated
products. It noted key risks for Yue Yuen include better-/worse-than-expected production
efficiency in China, stronger-/weaker-than-expected volume growth in sports and casual
shoes, raw material costs in the near term, and higher/lower contribution from Pou Sheng
(03813). (KL)

Remark: Real time quote last updated: 02/06/2020 17:58
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