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2009-4-16 11:19:00 a.m. HKT, XFNA
DJ MARKET TALK:Intime Down 7%; Weak Results, But Undemanding -GS
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| 1105 [Dow Jones] Intime (1833.HK) last down 7% at HK$2.39, after reporting weaker-than-expected results, with FY08 net profit +1.4% on year at CNY383.8 million, vs average CNY477 million based on Thomson Reuters' poll of 7 analysts. Goldman Sachs says results disappointing with 2H earnings of CNY84 million (down 59% on year), lower than its forecast for a 3.5% drop, also with 2H operating profit down 13% due to faster SG&A ramp-up to 15% of gross sales proceeds vs 10.7% a year ago. "The rapid pace of expansion in the past 2 years (319% increase in floor space) and associates losses suggest Intime is likely to have the weakest earnings outlook within our department store coverage." Keeps stock at Neutral, as its undemanding valuation of 1.2X FY09 P/B may appear attractive. Raises target to HK$2.70 from HK$2.40, representing 18X FY09 P/E.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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