Sa Sa International 0178

Re: Sa Sa International 0178

Postby winston » Tue Jul 17, 2018 5:40 am

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Mainlanders drive Sa Sa sales to $2.1b

by Annie Qiu

Sa Sa International Holdings (0178), the cosmetics and skincare retailer, said yesterday retail and wholesale turnover for the first quarter ended June 30 increased by 24.8 percent over the same period the year to HK$2.11 billion.

The retail and wholesale turnover in Hong Kong and Macau markets increased by 27.7 percent to HK$1.8 billion, while same-store sales increased by 25.3 percent.

This was mainly driven by a 27.5 percent increase in the number of transactions from mainland tourists, which also led to a 14.5 percent growth in the volume of transactions.

The average sales per transaction of local consumers and mainland tourists increased by 8.1 percent and 7 percent respectively, Sa Sa reported.

Source: The Standard
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Re: Sa Sa International 0178

Postby winston » Thu Aug 16, 2018 11:06 am

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SA SA INT`L(178)

Analysis:

Sales growth in the first quarter of FY 2019 (Q1, 1st March to 31st June ) accelerated to 26.1%, with sales revenue and same-store growth in Hong Kong and Macau growing by 30% and 27% respectively.

The management team is optimistic about benefits that HK can gain through the policy Guangdong-HK-Macao Greater Bay.

With the opening of the HK-Zhuhai-Macao Bridge and Express Rail Link in 2H of the year, more Chinese tourists are expected to come to HK boosting retail market.

In our view, the acceleration in sales growth of Sasa in Q1 was partly due to the low base in the same period of last year.

The whole year`s growth is expected to be lower than Q1, but double digit growth can still be achieved.

Despite the growth in top line for Q1, gross profit margin (GMP) has still been under downward pressure due to the proportion of low-m argin trendy products in the product mix has increased.

We expected that the whole-year GPM will still be under pressure. However, sales growth is expected to bring operating leverage. With the rental and wage costs remain stable, operating profit is expected to increase.

Strategy:
Buy-in Price: $3.89, Target Price: $6.00, Cut Loss Price: $3.50

Source: Phillips
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Re: Sa Sa International 0178

Postby winston » Tue Sep 10, 2019 3:46 pm

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Sep 6, 2019

<Research Report>Citi Axes SA SA INT'L (00178.HK) TP to $1.51, Rated Sell

Citigroup expected SA SA INT'L (00178.HK) to record over 30%/ about 20% slide in Hong Kong & Macau SSS in August/ July, given ongoing protests in Hong Kong.

The company's GPM will also be subdued under destocking pressure.

Sa Sa's FY20-22 net profit forecasts were trimmed by 53%, 31% and 26%.

With uncertain DPS outlook, Sa Sa was kept at Sell, with target down from $1.72 to $1.51.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Wed Sep 18, 2019 3:39 pm

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Macquarie Cuts SA SA INT'L (00178.HK) TP to $1.7, Rated Neutral

SA SA INT'L (00178.HK)'s 1QFY20 same store sales for Hong Kong/ Macau dropped 15.3% under persistent social unrest, along with signs of a widening SSS fall in recent months.

Macquarie noted the retailer's SSS retreated 20% in July and 34% in August, with no improvement to September to date sales data.

The broker retained SA SA INT'L at Neutral, with target cut from $2.3 to $1.7.

The FY20-21 earnings forecasts for the retailer were lowered by 36.7% and 36.4%.

AAStocks Financial NewsSource:
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Re: Sa Sa International 0178

Postby winston » Thu Sep 19, 2019 6:10 am

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Sa Sa headed for red as sales slump

by Stella Zhai

Skincare and cosmetics chain operator Sa Sa International (0178) posted a profit warning yesterday, stating that it may record a net loss for August and the five months ended August 31 due to weak sales performance in its core markets in Hong Kong.

The cosmetics chain operator said its sales revenue in August slumped by 28 percent year-on-year, while revenue from Hong Kong and Macau markets declined by 32 percent.

Revenue for the five months ended August 31 dropped 15 percent from a year earlier to around HK$3 billion, among which revenue from Hong Kong and Macau markets decreased by 17 percent.

The company reported a net profit of HK$202.9 million for the six months ended September 30 last year.

Sa Sa also saw weak sales performance during the first 15 days of September, with revenue falling 14 percent compared with the same period in August, or 29 percent less than a year ago.

Sales performance in Hong Kong was hit by the decline in mainland visitor arrivals, a weaker consumer sentiment caused by the continuing social unrest, increasing Sino-US trade war tensions, as well as the depreciation of China's yuan, said the retailer.

However, the company said it had sufficient cash on hand to meet current needs and will enhance the control of costs, including negotiating for rent reduction with landlords and reducing operational expenses such as staff costs, selling, general and administration costs.

Sa Sa said it will launch more promotional campaigns with discounts to boost sales and lower the inventory level to reduce holding costs, continue to review market conditions and close down low-efficiency stores to optimize store network and adjust product mix and promotion strategies to stimulate sales at the same time.

Shares of Sa Sa edged down 0.58 percent to HK$1.71 on Wednesday, plunging 45 percent from a year-to-date-high HK$3.09 in February.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0919&sid=2
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Re: Sa Sa International 0178

Postby winston » Fri Oct 04, 2019 2:03 pm

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<Research Report>G Sachs Cuts SA SA INT'L (00178.HK) TP to $1.55, Rated Neutral

SA SA INT'L (00178.HK) issued a profit warning, expecting a YoY sales drop between April and August and a further deterioration in August and in the first 15 days of September.

Goldman Sachs attributed such decline to the Hong Kong & Macau markets, given a drastic slump in mainland visitors amid ongoing protests in Hong Kong.

SA SA INT'L was kept at Neutral, with target cut from $1.8 to $1.55.

The broker lowered the retailer's 2020-22E net profits by 21-37%.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Wed Oct 16, 2019 6:43 am

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Sa Sa sales plunge 35pc amid tourist slump

by Avery Chen and Tereza Cai 16 Oct 2019

Cosmetics chain Sa Sa International (0178) lower sales in the July-September quarter, amid local unrest and a worsening economy.

Sa Sa's sales in Hong Kong fell 35.2 percent year-on-year in the July-September quarter, due to slump in mainland tourist arrivals amid the months-long anti-government protests.

The transaction volume of mainland tourists sank by 51.2 percent while that of local customers dipped 3 percent.

The reduction of opening hours at some Sa Sa stores amid protests has also contributed to the decline, the company said yesterday.

Same-store sales in Hong Kong and Macau dropped by 28.5 percent, while the retail and wholesale turnover fell 24.1 percent to HK$1.31 billion.

Its total retail and wholesale turnover decreased by 20.8 percent to HK$1.61 billion from a year ago.

Sa Sa shares fell 2.29 percent to HK$1.71 yesterday - a decline of 26 percent since July.

The company said it has launched more discount offers to promote sales and actively improved inventory management, although gross profit margins may be somewhat depressed as a result. It proposed reducing in-store area and store relocation as cost cutting methods.

Sa Sa is aiming for rent reductions that correspond to the sales and profitability of each store, with some high street shop owners willing to reduce rents on a temporary basis during this difficult time, it said.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1016&sid=2
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Re: Sa Sa International 0178

Postby winston » Thu Nov 21, 2019 1:15 pm

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<Result Ann>SA SA INT'L (00178.HK) Swings Into Interim Loss $36.53M; Nil Div

SA SA INT'L (00178.HK) announced interim results ended September 2019.

Loss was $36.53 million, against $203 million profit a year ago.

LPS equaled 1.2 cents.

No dividend was declared, against 7 cents a year ago.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Thu Jan 16, 2020 7:36 am

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Protests force extreme makeover for Sa Sa

by Tereza Cai

Cosmetic retail chain Sa Sa (0178) yesterday said it could close up to 25 percent of its stores in Hong Kong over the next 18 months, with most located in tourist areas affected by social unrest.

The news came a day after luxury retailer Chow Tai Fook Jewellery (1929) said it would close 15 stores after their leases expire this year, in the face of unrest and economic downturn.

Sa Sa saw a 35.2 percent year-on-year decline in its third-quarter Hong Kong and Macau turnover reaching HK$1.19 billion for the three months ending December.

The rapid decline of mainland tourist arrivals, which fell more than 50 percent in November, precipitated in a drop of 71.7 percent in the transaction volume of mainland tourists in the three months.

Meanwhile, the transaction volume of local customers fell by 9.5 percent, leading to a sales drop of 47.5 percent in the SAR.

Sales decline in December narrowed slightly to 45.8 percent, as pent up demand of local customers drove positive sales growth but no significant recovery was seen for mainland tourists in that month.

The retail and wholesale turnover fell by 35.2 percent during the quarter, while same-store sales fell by 34.7 percent.

The decline was mainly attributed to a decrease of 32.3 percent in total transaction volume, of which the number of transactions of mainland tourists decreased by 50.8 percent and those of local customers dropped by 9.1 percent.

The average sales per transaction of local customers and mainland tourists increased by 3 percent and 3.5 percent respectively, however, the change in the proportion of customer mix led to a 7.5 percent decline in the overall average sales per transaction.

On the other hand, better sales performance was reported in Macau with a double-digit year-on-year sales growth for the period from August to December, thanks to the shift of consumption power from Hong Kong to Macau among mainland tourists, resulting in an 18.6 percent increase in sales in the third quarter for Macau.

The group's overall turnover fell 27.3 percent from a year ago to HK$1.58 billion.

Sa Sa's retail and wholesale turnover in other markets outside of Hong Kong and Macau increased by 15.1 percent, but its sales in e-commerce fell by 10.7 percent year-on-year due to a shift of development focus in this business segment.

Source: The Standard

http://www.thestandard.com.hk/section-n ... -for-Sa-Sa
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