Sa Sa International 0178

Re: Sa Sa International 0178

Postby winston » Fri Nov 18, 2011 10:19 am

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DJ MARKET TALK: Sa Sa Down 3.1%; 1H Inline, UOB Keeps Buy

1002 [Dow Jones] Sa Sa (0178.HK) is down 3.1% at HK$4.66, extending its 2.6% fall Thursday, likely due to profit-taking after releasing its fiscal 1H (April-September) results;

Its net profit rising 27% on year to HK$224 million, which was roughly in line with market expectations.

The stock has risen 27.1% versus its October trough before its results were released midday Thursday.

"The new strategy in the Hong Kong and Macau market to focus on attracting more new customers and generating more sales through adjustments in sourcing, a staff incentive scheme and inventory management, continues to work well," says UOB KayHian.

The house keeps its earnings forecasts higher than consensus in view of the good results which were in line with the house's expectations.

It keeps the stock at Buy, with a target of HK$6.40, noting that it's trading at 19X P/E, which is undervalued.

Source: Dow Jones Newswire
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Re: Sa Sa International 0178

Postby winston » Thu Jan 12, 2012 9:09 am

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DJ MARKET TALK: BarCap Ups Sa Sa To Overweight; Valuation Appeal

0821 [Dow Jones] STOCK CALL: Barclays Capital ups Sa Sa (0178.HK) to Overweight from Equal Weight, despite lowering its target price to HK$5.00 vs HK$5.53.

The house says the upgrade is due to attractive valuations, after the stock de-rated in the past few months on concerns about the sustainability of Hong Kong retail spending and amid the general de-rating of discretionary stocks, with the stock now trading at an attractive P/E of 15.5X FY12 P/E.

BarCap says its new price target is pegged on 18X FY12 P/E, in line with the current valuation of the better-quality retail stocks.

"We believe our target is justified given our forecast of a high-teen CAGR for earnings for Sa Sa for the next two years." Sa Sa finished Wednesday trading +0.5% at HK$4.29.

Source: Dow Jones Newswire
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Re: Sa Sa International 0178

Postby winston » Thu Jan 12, 2012 1:16 pm

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Sa Sa International Holdings Ltd said its same store sales grew 20.7 percent year-on-year for the three-months ended in December, while retail and wholesale turnover rose 28.9 percent to HK$1.81 billion.

Source: Reuters
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Re: Sa Sa International 0178

Postby winston » Wed Apr 18, 2012 9:07 am

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DJ MARKET TALK: Barclays Ups Sa Sa To Overweight; Targets HK$5.48

0827 [Dow Jones] STOCK CALL: Barclays ups Sa Sa (0178.HK) to Overweight from Equal Weight, and the target price to HK$5.48 vs HK$5.00, due to more attractive valuations as the stock has fallen 7% since the lacklustre Chinese New

Year sales to trade at a 16X FY13 P/E. It adds, management indicated that sales momentum in Hong Kong for 4QFY12 was slightly better than it expects, and hence the house raises its FY12-14 estimates by 2%-3%.

Barclays forecasts strong earnings growth of 31% on-year for FY12, and although it expects moderation from FY13, earnings growth is still 21% for FY13 and 17% for FY14, and the stock also offers a 4% dividend yield.

Sa Sa eased 0.4% to end Tuesday at HK$4.63.

Source: Dow Jones Newswire
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Re: Sa Sa International 0178

Postby stilicon » Fri Jun 15, 2012 12:58 pm

results for FY 2012: http://www.hkexnews.hk/listedco/listconews/sehk/2012/0615/LTN20120615091.pdf

- revenue : + 30% at 6400 M HKD.
- oper. result : +36% at 828 M HKD.
- oper. margin : increases from 12,4% to 12,9%.
- net income : 689 M HKD (+ 35%).
- no net debt.
- ROE above 40%, consistently over 30% every year over the last 3 years.
- in the last 5 years, shareholders' eq. per share increases at 10,7% annually.
- in the last 5 years, dividends doubled (17c in FY07, 17,5c this year (after 1:1 bonus share emission)).

It is a pleasure to see a HK small company perform like this. I wish all could be like that ! :P
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Re: Sa Sa International 0178

Postby winston » Sat Jun 16, 2012 2:11 pm

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SA SA INT'L (00178)'s net increase in new shops 49 in 2012; capital expenditure 300M
2012-06-15

SA SA INT'L (00178) expected that the number of shops in Hong Kong will rise from 87 to 100 this year, while that in China will be lifted from 48 to 71. The total number of shops will be increased from 227 to 276, representing a net increase of 49.

Chairman Simon Kwok said $300 million capital expenditure will be used to set up new shops and investment. In Hong Kong, the Company has 6-7 new shops under negotiation for new shop lease, including one in Sheung Shui.

Another three shops's leases have been renewed, with an average rent increase of 25%, which are located in non-tourist areas, while the locations of others have not yet been decided.

The ratio of rental to turnover for 2011/2012 equaled 10.4%. The Group's turnover in the Mainland rose 99.8% to $290.70 million. The growth in the next fiscal year is expected to moderate when compared to last year. The Company remained cautiously optimistic towards the future.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Sat Jun 16, 2012 2:12 pm

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SA SA INT'L (00178) 1Q SSS up 8.3% in Mainland; business result takes time to swing into profit
2012-06-15

SA SA INT'L (00178) Chairman & Chief Executive Officer Simon Kwok said the same-store-sales in China rose 8.3% in the first quarter, far higher than the full year growth of 0.5% last year.

Such compares to 10.5% in the fourth quarter last year. The business result in China takes time to swing into profit, the Company will strive for network building, Kwok added.

Though the sales in China grew over 70%, the same-store-sales show signs of slowdown in the first quarter, he said.


Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Sat Jun 16, 2012 2:14 pm

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SA SA INT'L (00178)'s sales in HK beat estimates in June
2012-06-15

Simon Kwok, chairman and chief executive officer of SA SA INT'L (00178), said at the press conference for the company's results that sales in Hong Kong during the first quarter of 2012 jumped 14.6% while same-store-sales leaped 12.4%, which are satisfactory.

So far the company have recorded better-than-expected sales in June, he said.

Earlier, the government said it intends not to expand the scope of Individual Visit Scheme. Kwok said the company would lure customers by its product mix instead of depending on Mainland customers coming to Hong Kong through Individual Visit Scheme.

Nevertheless, Kwok said he would reflect opinions of the retail industry to the government.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Jun 18, 2012 3:15 pm

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SA SA INT'L (00178) lifted to Neutral with target $4.5 by UBS on upbeat results

UBS reported on SA SA INT'L (00178) stating that the Company's 35.4% rise in full-year net profit was 11% higher than the Bank's estimates, mainly because of the upbeat gross margin.

The slowdown in sales for the first quarter of this fiscal year was consistent with a substantial slowdown of overnight visitor growth from Mainland and lower spending appetite of local residents. The Bank kept the estimates of sales slowdown and potential operating de-leverage.

The Bank affirmed the robust execution capability of the Company. The forecast earnings for 2013/14 were raised 12-14%. The target price was lifted 7% from $4.2 to $4.5, with the rating shifted upward from Sell to Neutral.

Source: AAStocks Financial News
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Re: Sa Sa International 0178

Postby winston » Mon Jun 18, 2012 3:28 pm

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SA SA INT'L (00178) raised to OP with TP$5 by CS as profit margin improvement supports earnings growth

SA SA INT'L (00178)'s full-year net profit was 7% higher than market expectation due to the improvement in profit margin, Credit Suisse said in a report.

Same store sales in China turned from a negative growth of 9.8% to a positive growth of 10.5%. The bank expects SA SA INT'L's loss in Chinese operation to narrow and to make ends meet in the financial year of 2015.

Credit Suisse expects SA SA INT'L's net profit margin for 2013-15 to increase from 18.6% to 22.2%.

SA SA INT'L is raised from Neutral to Outperform with target price $5, representing a price-to-earning ratio of 21 times in 2013.

Source: AAStocks Financial News
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