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00973 L'OCCITANE
RTNominal up31.650 +0.050 (+0.158%)
Research Report

27/11/2019 10:58

{I-bank focus}Daiwa lifts L'Occitane (00973) to HK$21.5

[ET Net News Agency, 27 November 2019] Daiwa Research lifted its target price for
L'Occitane International (00973) to HK$21.5 from HK$19 and maintained its "buy" rating.
The research house hosted L'Occitane post-results NDR in Hong Kong on 26 November. The
company said L'Occitane en Provence sales trend was robust in October, driven by
low-single-digit SSSG and sell-in growth ahead of the holiday season.
Meanwhile, Elemis sales grew by 34%/66% in the UK/US, respectively, in 1H FY2020.
Looking ahead, management plans to expand into numerous markets in early FY2021, including
Russia, the Middle East, China and Southeast Asia.
LimeLife sales saw a marked improvement in 2Q FY2020 and October, and Erborian continues
to see robust growth and remains a profitable business. L'Occitane au Brasil could see
accelerated growth going forward with the construction of a new factory.
Daiwa lifted its FY2020-22E EPS forecasts by 7-17% after factoring in a strong sales
leverage on a shift in the brand mix. (KL)

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