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TIME WATCH INVESTMENTS LTD(2033.HK):STEADY PERFORMANCE

TIME WATCH INVESTMENTS LTD(2033.HK):STEADY PERFORMANCE

星展銀行 ·  Oct 8, 2013 00:00  · Researches

Time Watch aims to achieve c.20% growth in core retail division for FY14

Latest price increase for selective watch models should support overall profitability

Possible formation of 3-4 JVs in FY14 could also enhance its medium-term growth prospects

Maintain BUY with HK$1.54 TP, based on 12x 12-mth rolling PE

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