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Research Report

06/11/2019 15:45

{I-bank focus}Jefferies starts Yue Yuen Ind (00551) at HK$21

[ET Net News Agency, 6 November 2019] Jefferies Research initiated coverage on Yue Yuen
Industrial Holdings (00551) with a "hold" rating and a target price of HK$21.
The research house believes a majority of Yue Yuen's orders nowadays consist of larger
volume but lower ASP models. This is different versus shoe manufacturers that specialize
in niche products.
Jefferies expects Yue Yuen's overall orders to remain flat, although the company has
been adding new retro models from Nike. It forecast Yue Yuen's manufacturing business
sales to grow in low single-digit ppt in 2020 and 2021. It also forecast Yue Yuen's
manufacturing operating margin to shrink to 4.3%/4% in 2020/2021 (from 2019 of 4.6%). (KL)

Remark: Real time quote last updated: 03/06/2020 08:43
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