Citi Research said Sa Sa International Holdings' (00178) profit warning for 1H FY2020 is in line with the research house's expectation.
The company expected a sharp sales decline in HK & Macau (due to decline of visitor arrivals from Mainland China resulting from the intensified protest impact and persistently weak RMB) to lead to a loss for HK & Macau as well as the entire company in both August and 5-month FY2020.
Citi has pointed out Sa Sa's looming risk of earnings loss amid such sales decline in its recent report. With the lack of sales and earnings turnaround in the short-term, Citi expects such weak momentum to persist in 2H FY2020.
It maintained its "sell" rating on Sa Sa, with a target price of HK$1.51.
19/09/2019 17:37
{I-bank focus}Citi sees Sa Sa's weak momentum to stay in 2H
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