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mg电子游戏平台网址:Luk Fook:Negative Signal Sent Through Dividend Cut

时间:2017/12/24 22:39:57  作者:  来源:  浏览:0  评论:0
内容摘要:Satisfactory 1HFY3/09 results but dividend halvedTurnover increased 29.6% to HK$1.8b while net profit increased 3.8% toHK$123.0m. On operati...
Satisfactory 1HFY3/09 results but dividend halvedTurnover increased 29.6% to HK$1.8b while net profit increased 3.8% toHK$123.0m. On operating level, profit slid 1.3% mainly attributable to the4.1% pts y-o-y drop in gross margin to 19.5% as customers’ preferenceshift to the lower margin gold product as well as the downward trend ofgold and platinum prices during the period. Net profit posted an increaseas effective tax was lowered to 6.5%. Interim dividend of HK$0.05/sharewas declared (HK$0.1/share in 1HFY3/08) representing a payout of 20%.Retail – margin contraction from product mix changeRetail business recorded an impressive turnover growth of 35.9% drivenby same-store-sales growth (“SSS”) of ~20%. Despite the weakenedconsumer confidence, retail sales held up mainly due to the surge in golddemand, as it is viewed as a safe haven for investment. Gold accountedfor 53% of the group’s turnover with the remaining taken up by gem-setjewelry. However, as margin on gold product is much lower than gem-setcategory products, segment margin retreated by 4.2% pts to 3.8%.Licensing & WholesaleThe wholesale business recorded a turnover growth of 10.5%, mainlydriven by sales of merchandise to licensees which grew 26.1% in theperiod. Including the consultancy fee and other service fee charged tolicensees (booked under “Other Income”), its license business actuallyrecorded a growth of 35.1%. Over 20 licensee shops were added in theperiod, brining the total to 367. Sale of scrap gold and platinum merelyrecorded turnover growth of 2.7% as consumers continued to hold ontothe gold inventory as gold prices retreated from its peak.Negative signal through trimming dividend. Downgrade to HOLDAs consumers become cautious with spending, demand for luxury goodretreats. While gold demand will uphold sales growth, the shift in productmix will continue to depress margins in 2HFY3/09. We are lowering ourFY3/09 earnings projection by ~20% to better reflect the effect from theproduct mix shift and to incorporate the slowing demand for discretionarygoods. We feel particularly uncomfortable with the cut in interim dividenddespite the profit growth, which may suggest further trim in final dividendor cash flow issues, in our view. Our adjusted target price of HK$2.08 isderived using 4X FY3/09 PER.KIM ENG SECURITIES PTE.LTD.

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