1H FY14 net profit of HK$87m (-7% y-o-y) was in line
Declared interim DPS of HK4.5cts (1H FY13: HK4.5cts), at 63% payout (1H FY13: 58%)
Sluggish client demand especially in brand signage segment will continue to be a drag
Nudged down FY14-FY16F earnings by 1-2%. At 21% premium to our TP of HK$1.50 (on 8x 12-mth rolling PE), we maintain Fully Valued
1H FY14 net profit of HK$87m (-7% y-o-y) was in line
Declared interim DPS of HK4.5cts (1H FY13: HK4.5cts), at 63% payout (1H FY13: 58%)
Sluggish client demand especially in brand signage segment will continue to be a drag
Nudged down FY14-FY16F earnings by 1-2%. At 21% premium to our TP of HK$1.50 (on 8x 12-mth rolling PE), we maintain Fully Valued
