Sun Art's 2017 Profit Misses Our Estimate; No Earnings Boost From New Retail in Medium Term
The biggest takeaway from no-moat Sun Art Retail's earnings presentation is that management does not expect a substantial increase in profits from the collaboration with Alibaba in new retail in the next three years. Management guided to a dividend payout ratio range of 30%-40%, a cut from over 70% in 2016 and 44% in 2017 as the group needs to reserve cash for new retail, online-to-offline investments. Capital expenditure is expected to double to CNY 4 billion in 2018 for new retail investments....
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