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 remains encouraging 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.
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 remains encouraging 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.
