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PACIFIC TEXTILES(1382.HK)：TO DISTRIBUTE EXCESS CASH?

PACIFIC TEXTILES(1382.HK)：TO DISTRIBUTE EXCESS CASH?

星展銀行 ·  Jun 30, 2014 00:00  · Researches

Results slightly below expectations on weaker than expected 2H performance

Expect earnings to decline in FY 15F due mainly to weakness from Uniqlo

Downgrade to HOLD on tepid outlook and high end of range valuation. Though downside is well protected by strong dividend yield and potential distribution of free cash

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