[ET Net News Agency, 31 October 2019] HSBC Global Research raised its target price for
L'Occitane International (00973) to HK$22 from HK$20 and maintained its "buy" rating.
The research house said the group published a very strong 1H trading statement which
implied an 11% beat on HSBC's 2Q projections. This was a combination of an acceleration of
the core L'Occitane brand, explosive growth and the first time inclusion of ELEMIS, a
rebound of Limelife in 2Q after a negative 1Q and an acceleration in "others" including
Melvita, Erborian and L'Occitane au Bresil.
HSBC raised its earnings estimates by an average of 6% over the next three years. (KL)