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Research Report>BIOSTIME (01112.HK) downgraded to Underperform, target cut to $30 - HSBC
According to the latest research report by HSBC, the 1H profit of BIOSTIME (01112.HK) was disappointing.
Core profit declined 32% yearly to RMB312 million, missing the bank's projection.
HSBC pointed out although the VIP membership and point of sales had increased significantly in 1H, sales only moved up by 6%, showing the efficiency of point of sales had deteriorated substantially, coupled with competition brought by other online retailers.
Target price was slashed from $65 to $30.
2014-2016 earnings estimates were trimmed by 27-34%. Rating was downgraded from Overweight to Underperform. ~
Source: AAStocks Financial News