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TIME WATCH INVESTMENTS LTD(2033.HK)：NON-LUXURY WATCHES STAY FIRM

TIME WATCH INVESTMENTS LTD (2033. HK): NON-LUXURY WATCHES STAY FIRM

星展銀行 ·  Feb 10, 2014 00:00  · Researches

We expect 1H FY14 results that is due on Feb 27 to post c. 20% revenue growth and > 25% net profit growth.

Strong online sales run on track to reach 5% of FY14 sales.

Outlook wishes for a lower base especially given a lower base for 2H FY14. Trading at <7x ex-cash rolling PE, 3.8% yield and 29% discount to TP of HK$1.64, we MAINTAIN BUY.

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