Sa Sa International 0178

Re: Sa Sa International 0178

Postby winston » Wed Jul 02, 2014 1:20 pm

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<Research Report>SA SA INT'L (00178.HK) kept Neutral, target reduced to $5.6 - JPM
Jun 27, 2014

According to the latest research report by JP Morgan, the financial results of SA SA INT'L (00178.HK) were broadly in line with market consensus.

Same-store sales had climbed 1.5% since 1Q due to slower growth of tourists from China.

Although the strong growth in transactions will help relieving market concern, statistics recorded last several quarters pointed out the sales momentum in HK and Macau has weakened.

Target price of SA SA INT'L was trimmed from $6.8 to $5.6, and rating was retained at Neutral.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Wed Jul 02, 2014 1:21 pm

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<Research Report>SA SA INT'L (00178.HK) kept Overweight, target cut to $7 - HSBC
Jun 27, 2014

According to HSBC Global Securities, SA SA INT'L (00178.HK)'s full-year results were slightly below its estimate, but is similar to the market consensus, mainly due to the weaker-than-expected revenue from mainland business and e-commerce;

However, its dividend payout ratio remains generous, staying at 71%.

The bank expected that with its inventories returning to normal, its gross margin will start to improve from 3Q2015, therefore, the EPS forecast for FY2015 was slashed by 8%, same store sales growth was expected to drop from the original 8% to 6%.

Given that the negative factors have been priced in, the stock's valuation is still attractive.

The Overweight rating was reiterated, and the target price was reduced from $7.6 to $7.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Wed Jul 02, 2014 1:22 pm

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<Research Report>SA SA INT'L (00178.HK) kept Neutral, target reduced to $5.7 - C. Suisse

SA SA INT'L (00178.HK)'s gross profit further deteriorated in the first quarter as it extended the promotional period till the first quarter of FY2015;

Considering the high base, its gross margin in 1H2014 is expected to fall compared to last year, Credit Suisse said in a report.

During the period from 1 April to 21 June, the company's same store sales growth in Hong Kong and Macau grew at a slower pace of 1.5% year on year, trailing the group's 10% target for the current fiscal year.

Hence, the broker reduced its earnings forecasts for FY2015-2016 by 2-4%, and trimmed its target price from $5.8 to $5.7, with the Neutral rating unchanged.

Source; AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Jul 07, 2014 3:01 pm

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<Research Report>SA SA INT'L (00178.HK) downgraded to Neutral, target cut to $6 - Macquarie

Macquarie, in its latest research report, said SA SA INT'L (00178.HK) is seeing pressure from the policy risk, coupled with the expected weak same-store-sales.

The rating is cut to Neutral with target lowered from $8.4 to $6.

The research house believes that the Mainland may lower the imported cosmetics sales taxes, which is harmful to the HK retailers.

The first-quarter same-store-sales growth for HK/Macau equaled only 1.5%, and the full-year reading is estimated to be 4%.


Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Tue Nov 18, 2014 7:54 pm

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SA SA INT'L (00178.HK) interim net profit drops 4.9% to $340M (correct)

SA SA INT'L (00178.HK) -0.230 (-3.972%) Short selling $3.20M; Ratio 22.369% announced the interim results for the six months ended 30 September 2014.

Net profit amounted to $340 million, representing a year-on-year decrease of 4.93%. EPS was $11.9 cents. Interim dividend was $5 cents with special dividend of $4 cents.

A dividend and special dividend of $4.5 cents each was declared in the same period last year.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Jan 12, 2015 6:31 pm

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SA SA INT'L (00178.HK) HK& Macau retail sales fade 1.1% in 3Q

SA SA INT'L (00178.HK) -0.080 (-1.493%) Short selling $1.74M; Ratio 16.921% announced that the group’s retail and wholesale turnover slightly decreased by 0.5% to $2.503 billion for the three months ended 31 December 2014.

Retail sales in Hong Kong and Macau market declined by 1.1% to $2.037 billion, while same store sales faded by 2.7%.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Tue Mar 03, 2015 8:08 pm

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SA SA INT'L (00178.HK) retail sales drop 10% during CNY period

SA SA INT'L (00178.HK) -0.040 (-0.915%) Short selling $599.02K; Ratio 1.752% announced the sales performance in Hong Kong and Macau during the Chinese New Year (CNY Period) from 19 to 25 February 2015.

The group’s retail sales in Hong Kong and Macau during the CNY Period decreased by 10% compared with last year, missing the group's estimates. Same store sales faded 7%.

The shift of the timing of Chinese New Year from January last year to February this year extended the festive shopping season, and benefited the overall retail sales performance for January and February of this year.

The group recorded 3% and 7% increase for retail sales and same store sales respectively in Hong Kong and Macau for the fourth quarter to 28 February 2015.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Apr 13, 2015 10:06 am

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17 Mar, 2015

<Research Report>C Suisse maintains SA SA INT'L(00178.HK) at Underperform with target cut to $3

Credit Suisse said in a report that SA SA INT'L(00178.HK)'s structural problems remain an unfavorable factor.

Moreover, the slipping Hong Kong's retail sales value was the heaviest blow to SA SA INT'L as the company's sales revenue mainly generated from Hong Kong and Macau.

The broker gave a bearish outlook on SA SA INT'L's business outside Hong Kong and cut the company's target price to $3 from $3.6, with a rating kept unchanged at Underperform.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Oct 12, 2015 2:37 pm

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Nomura Trims SA SA INT'L Earnings Forecast by 8-11%, Target Cut to $2.83

Nomura, in its research report, lowered SA SA INT'L (00178.HK) +0.010 (+0.319%) Short selling $2.53M; Ratio 18.692% 's EPS forecast in 2016-2017E by 8%-11% to reflect the slowdown in same store sales.

Its target price was trimmed from $3.3 to $2.83 and its rating was maintained at Underweight.

Nomura stated that the cosmetics sales in Hong Kong recorded a negative growth year-to-date and SA SA INT'L is no expection.

Although investors may appreciate its corporate governance and 75% payout, the broker prefers L'OCCITANE (00973.HK) +0.080 (+0.473%) Short selling $281.15K; Ratio 2.456% .

During the Golden Week, SA SA INT'L's same store sales declined 10.4% yearly, much worse than 1% yearly decline last year but the results should not surprise investors.

The broker expected the same store sales would continue to record negative growth in the coming two quarters.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Fri Oct 23, 2015 6:29 am

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Sa Sa scents bad news

Sa Sa International Holdings (0178) warned that net profit for the six months to September 30 would tumble more than 50 percent from 12 months earlier due to the sluggish local retail scene.

"The worsening operating environment of the retail sector has led to significant drops in both sales and gross profit and reduced operational efficiency as a result," Sa Sa said yesterday.

The cosmetics retailer also posted a 12.4-percent, year-on-year drop in retail and wholesale turnover for the second quarter from July to September. It was dragged down by a 13.2 percent decrease in Hong Kong and Macau markets.

Same-store sales in Hong Kong and Macau dived 10.1 percent and retail sales slid 13.1 percent. Sa Sa said that the "one trip per week policy" governing mainlander visits has gained momentum.

The number of transactions in Hong Kong and Macau markets fell 5.7 percent, Sa Sa reported. Also, the value of the average transaction declined by 7.9 percent because of lesser outlays by mainlanders.

Retail and wholesale turnovers in other markets including the mainland, Singapore, Malaysia and Taiwan plus online shopping showed a drop of 8.9 percent during the three months. Sa Sa also closed six outlets in China and one in Taiwan.

"The strength of the Hong Kong dollar and the weaker yuan adversely affected the attractiveness of shopping in Hong Kong," added Sa Sa, a top 10 local retail group with 110 outlets in the two SARs.

Source: The Standard
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