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.
20/08/2019 17:23
{I-bank focus}Goldman ups Pou Sheng Int'l (03813) to HK$2.8
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