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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