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Research Report

15/11/2019 14:57

{I-bank focus}Goldman lifts Yue Yuen Ind (00551) to HK$23.7

[ET Net News Agency, 15 November 2019] Goldman Sachs lifted its target price for Yue
Yuen Industrial (Holdings)(00551) to HK$23.7 from HK$22.2 and maintained its "neutral"
rating as it still sees low visibility on recovery for Yue Yuen's OEM business.
The research house said Yuen Yuen's 3Q net income grew 17%, beating Goldman's estimates
by 20% due to a higher contribution from Pou Sheng International (Holdings)(03813), and a
lower tax rate, while OEM OPM was in line with expectations.
Management maintained full-year guidance for the OEM business with GPM contraction of
1ppt in 2019 and commented that a large part of the migration process has been done this
year and hence they expect to see stabilizing set-up in terms of country of origin at the
end of the year.
Goldman revised up its 2019-21 net income by 3-5% to factor in better-than-expected 3Q
results for retail business. (KL)

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