by winston » Mon Feb 04, 2013 11:54 am
not vested
<Research Report>AJISEN (CHINA) (00538.HK) maintained Sell with target lifted to $2.8 - GS
Jan 21, 2013
Goldman Sachs noted in a report that AJISEN (CHINA) (00538.HK)'s SSS in Hong Kong, China, and the overall restaurant turnover growth were 3%, 2% and 4.1%, respectively, in the fourth quarter of 2012, against the brokers' estimates for 4%, 1.5% and 13.9% in the second half of the year.
According to media reports, 40 restaurants of poorer performance will be closed down, and the number of restaurants is roughly the same as the previous year.
The visibility of expansion is still low this year, while the target of 1000 stores is delayed by one year to 2015.
The Bank adjusted the 2012/13/14 EPS forecast by -2%/+18%/+21%.
The target price is lifted from $2.7 to $2.8. Due to its high valuation against its peers, the Sell rating is maintained, with downside potential of 54%.
Source: AAStocks Financial News
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