Goldman Sachs lifted its target price for Stella International Holdings (01836) to HK$16 from HK$15.8 on earnings revision and maintained its "buy" rating.
The research house updated its 2019-21 estimates forecasts for Stella after factoring in 1H earnings. This results in 2019-21 net income estimate changes of -2%/+1%/-3%.
Goldman noted that risks include (1) slower growth in dress/casual shoes; (2) lower efficiency in new production capacity and from geographical/product shifts; and (3) FX volatility. It expects Stella's EPS for 2019-21 to be US$0.13/US$0.16/US$0.18.
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