Golden Eagle 3308

[winston]

DJ MARKET TALK: UOBKH Keeps Golden Eagle At Buy, Target HK$5.66

1159 [Dow Jones] STOCK CALL: UOB KayHian says Golden Eagle (3308.HK) still a Buy as January and February sales growth better than expected at 14% vs market forecast of high single digit, shows stable private spending in China's second- and third-tier cities.

Adds, however, topline growth not sustainable over next few months due to rising unemployment and weak consumer confidence; notes also, Chinese New Year holiday promotional measures main contributor to sales rebound, set to cause slight drop in margin.

Says stock trading at 11.7X 2009 P/E, 9.5X 2010 P/E, based on house's forecasts, slightly over HK peers' average at 10.6X, 8.7X respectively.

Say long-term investors should accumulate stock on price weakness over next few months, when 1H09 negatives fully priced in. Sets target at HK$5.66, implying 15.4X 2009 P/E. Shares up 9.8% at HK$4.72.

[winston]

DJ MARKET TALK: DBS Raises Golden Eagle Target 46.6% To HK$15.70

1549 [Dow Jones] STOCK CALL: DBS raises Golden Eagle Retail (3308.HK) target to HK$15.70 from HK$10.71, based on sum-of-the-parts valuation, with lower cap rate assumption at 9% and discount at 10% for its property portfolio (previously at 10% cap rate and 20% discount), and 25X P/E for retail operations (previously at 18X).

Notes, in view of Golden Eagle's outstanding growth trend among its major peers and swift profit contribution of new stores, house raises FY09-10 earnings estimates by 4%, 8%. Keeps at Buy.

Source: Dow Jones Newswire

[winston]

Not vested

DJ MARKET TALK: DB Tips Golden Eagle 1H10 Net Profit At CNY459M

1151 [Dow Jones] STOCK CALL: Deutsche Bank tips Golden Eagle (3308.HK) to report adjusted 1H10 net profit, excluding 1H09 non-cash convertible bond items, +20% on-year at CNY459 million, tips revenue +30%; tips same-store sales growth +22% vs 1H09's +14.9%. Notes no new stores in 1H10.

Says company's consistently strong SSS vs other listed peers due to better macro environment in Jiangsu, younger store age, strong management execution capability.

Expects overall commission rate, opex ratio stable on-year. Says to watch results for same-store-sale performance, commission rate, progress of new store openings (two expected in 2H10), acquisition strategy.

Results due Aug. 17, analysts' briefing Aug. 18. Rates at Buy, target HK$18.60. Stock +0.4% at HK$19.22; HSI down 0.2%.


Source: Dow Jones Newswire

[winston]

Not vested

DJ MARKET TALK: Golden Eagle May Fall; 1H Below View -Nomura

0929 [Dow Jones] Golden Eagle (3308.HK) may fall after its 1H results miss market expectations; Nomura notes recurring net profit +21% on-year at CNY462 million 6% below its forecast, with discrepancies mainly due to lower-than-expected interest income, other income.

Says key negative is rising rental expense, up at CNY41 million 1H10 from CNY19 million 1H09, due to rental expenses incurred in new stores, e.g. Shanghai store, Nanjing Hanzhong store; operating margin edged down by 1 percentage point to 53.6%.

"We think operating expenses will continue to be key to watch given its cross-regional expansion outside Jiangsu Province and increasing number of leasing stores." Keeps at Reduce, HK$12.50 target. Stock ended +0.1% at HK$19.20 Tuesday.

Source: Dow Jones Newswire

[winston]

Not vested

Chinese department store chain operator Golden Eagle Retail Group Ltd said gross sales proceeds for the first nine months of this year rose 35.2 percent from a year earlier to 10.04 billion yuan ($1.57 billion).

Source: ORIENTAL DAILY

[winston]

not vested

Department store developer and operator Golden Eagle resumed buying back shares at higher prices. It bought one million shares on May 15 at HK$12.56 each. It previously acquired 9.35 million shares from March 27 to May 8 at an average of HK$10.89 each.

Prior to the buy-backs this year, the company acquired 217.5 million shares from November 2008 to August last year at an average of HK$9.97 each.

The group has toned down its buy-backs this year, with an average of HK$10.4 million worth of repurchases per filing.

The figure is sharply less than the average HK$15 million per filing last year.

Golden Eagle closed at HK$12.60 on Friday.

Source: SCMP

[winston]

not vested

Department store developer and operator Golden Eagle resumed buying back shares at higher prices. It bought one million shares on May 15 at HK$12.56 each. It previously acquired 9.35 million shares from March 27 to May 8 at an average of HK$10.89 each.

Prior to the buy-backs this year, the company acquired 217.5 million shares from November 2008 to August last year at an average of HK$9.97 each.

The group has toned down its buy-backs this year, with an average of HK$10.4 million worth of repurchases per filing.

The figure is sharply less than the average HK$15 million per filing last year.

Golden Eagle closed at HK$12.60 on Friday.

Source: SCMP