Guosen Securities (HK)  
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分析师 建议 目标股价 上升/下降(%)
总市值(十亿/十亿美元) 日均成交额(百万美元) 收盘 52周最高/最低()
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绝对回报 (%) (2.62) (9.02) 12.08 19.74 (9.46) (8.57) 0 (17.33)
绝对回报 (美元, %) (2.62) (9.02) 12.08 19.75 N.A. (7.51) N.A. (16.89)
相对于 HSI 回报 (%) (0.81) (4.79) 20.85 25.68 N.A. 2.73 7.41 (0.02)
Luk Fook (590 HK) A deeply valued play - 1月 24, 2017 (5 页)  
On 24th Jan, we hosted a non-deal roadshow with Luk Fook in Hong Kong on recent trading updates. Since Luk Fook reported an -10%yoy drop in SSSG for 3QFY17, hugely improved from -37%yoy decline in 2QFY17. The questions from our investors mainly focused on: (1) the drivers for narrowing in SSSG drop, (2) expectation of 4QFY17 and (3) rental renewal trends in Hong Kong. Reiterate BUY.

Luk Fook (590 HK) Set to Shine - 1月 19, 2017 (6 页)  
After 2 years of rebasing of sales and costs cutting, we see Luk Fook’s current risks/reward profile looks attractive. Luk Fook’s earning growth would likely resume from 2HFY17F onwards, driven by turnaround SSSG in both China and Hong Kong from easier base, better gold/ gem-set jewelleries sales in 2H’s traditional peak season such as Christmas/Chinese New Year/ Wedding. Luk Fook now trades at a mere 12.1x FY18 with 4.7% FY17 dividend yield, expecting more interest to return in near term. Initiate BUY at TP of HKD 26.1.

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