Citigroup: Maintains sa sa int'l "buy" rating, target price lowered to HKD 1.18.
Citi released a research report stating to maintain a 'buy' rating on sa sa int'l (00178) due to low valuation demand. Profit forecasts for the fiscal years 2025 to 2027 were cut by 50% to 53% to reflect weaker sales and profit assumptions, with the target price lowered from 1.49 Hong Kong dollars to 1.18 Hong Kong dollars. The report mentioned that sa sa int'l's net income in the first half of the fiscal year was 32 million yuan, lower than the bank's expectations and the profit warning threshold. The significant decrease in net income was due to a 10% year-on-year decline in sales and the drag from the growth of mainland to-B online sales on gross margin reduction. The bank pointed out that sa sa's dividend payout ratio remains stable at 72%, expecting it to continue in the future.
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