Increasing Sun Art’s FVE to HKD 8.0 Per Share; Earnings Expected to Accelerate This Year
We have increased the fair value estimate of Sun Art Retail to HKD 8.0 per share from HKD 7.8 per share purely on time value of money. After being overvalued for most of 2018, the recent share price decline now leaves the shares fairly valued, in our view. We forecast operating income to begin to accelerate in 2019 to 7% on benefits from its cooperation with Alibaba. We expect average operating income growth of 11% over our five-year forecast period due mainly to Alibaba, compared with a 3% per ...Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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