TC

20/08/2019 17:23

{I-bank focus}Goldman ups Pou Sheng Int'l (03813) to HK$2.8

[ET Net News Agency, 20 August 2019] Goldman Sachs raised its target price for Pou
Sheng International (03813) to HK$2.8 from HK$2.17 and maintained its "buy" rating.
The research house is taking a more positive view of Pou Sheng's fundamentals in the
wake of stronger-than-expected 1H results that pointed to improved sales/margin trends.
Goldman said its bullish thesis is based on (1) solid sales trends driven by offline
store upgrades and evolving the online business, (2) initial benefits from omni-channel
strategies, and (3) margin upside from better inventory management, retail discounts, and
operating leverage.
Goldman raised its 2019-21 net income forecasts by 3-35% to factor in better sales and
margin trends, it now expects Pou Sheng to deliver solid sales/net income CAGRs of 16%/32%
in 2018-21. (KL)

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