Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just lowered the general evaluation of IT LTD. (HK), active in the Apparel Retailers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date December 20, 2019, the closing pri...
In line with its earlier profit warning, I.T reported a 1HFY20 net loss of HK$72m last night (vs 1HFY19 net profit of HK$113m) on a revenue decline of 1.2% yoy to HK$4,015m, mainly due to operating losses from Hong Kong and Macau as a result of weak consumer sentiment and inbound tourist arrivals. Gross margin contracted 1.9ppt yoy, driven mainly by earlier-than-usual discounting activities in Hong Kong and Macau. Japan & US SSS growth slowed to a low-single-digit. Maintain HOLD with a target pr...
KEY HIGHLIGHTS CHINA Sector Coal A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69) FY19: In line; no change to store expansion strategy in China. HONG KONG Sector Property Weekly Wrap-up: REDA relaxes sales guidelines. TRADERS’ CORNER China Gas (384 HK): Trading Buy Range Tsingtao Brewery (168 HK): Trading Sell Range
CHINA Sector Coal: A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69): FY19: In line; no change to store expansion strategy in China. HONG KONG Property: Weekly Wrap-up: REDA relaxes sales guidelines. INDONESIA Update Charoen Pokphand Indonesia (CPIN IJ/HOLD/Rp4,650/Target: Rp5,000): Upgrade to HOLD; trading cheaply at near -2SD to mean PE despite expected 19.2% yoy net profit decline in 2019. MALAYSIA Results Kossan Rubber (KRI MK/HOLD/RM3.82/Target: RM3....
I.T’s FY19 net profit grew 2.8% yoy to HK$443m, in line with consensus forecast, on top-line growth of 5.4% yoy amid macro headwinds. The Hong Kong & Macau segment chalked up an operating profit while the China segment suffered a margin squeeze. The Japan segment’s SSS growth slowed down to a high single digit after years of rapid growth. I.T will maintain rapid store expansion pace in China, given lower-than-peers’ penetration. Maintain HOLD with a lower target price of HK$3.69. Entry pri...
In the light of weakening Hong Kong retail spending and weather-related headwinds, we expect segmental FY19 SSS to register low-single-digit growth. China’s market profitability could be under pressure, mainly hindered by sluggish customer sentiment, renminbi depreciation and soaring opex. Growth in Japan and the US should be sustainable, albeit at a slowing pace. We slash our earnings forecasts and lower our target price to HK$4.04. Downgrade to HOLD. Entry price: HK$3.48.
CHINA Sector Property: Weekly: Low inventories in tier-1 and tier-2 cities. HONG KONG Small/Mid Cap Highlights I.T (999 HK/HOLD/HK$3.78/Target: HK$4.04): Expecting slower FY19 SSS growth on weaker consumer sentiment. Downgrade to HOLD. MALAYSIA Results DiGi.Com (DIGI MK/BUY/RM4.65/Target: RM5.40): 1Q19: Results within expectations; earnings momentum to pick up in 2Q19 with the relaunch of Phone Freedom 365. Update IOI Corporation (IOI MK/HOLD/RM4.45/Target: RM4.00): Lower earnings for plantatio...
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