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RTNominal down8.860 -0.080 (-0.895%)

07/07/2020 17:45

Guotai Junan lifts Sun Art Retail (06808) to HK$14

[ET Net News Agency, 7 July 2020] Guotai Junan International raised its target price
for Sun Art Retail Group (06808) to HK$14 from HK$11.22 and maintained its "accumulate"
The research house said Sun Art recorded solid SSSG in 1H. SSSG was mid- to
high-single-digit percentage in February-April while it lowered to low-single-digit
percentage in May. Foot traffic in offline stores decreased due to social distancing
policies but was offset by strong B2C growth.
In 2H, management targets positive SSSG, which will be supported by B2B business
recovery and Auchan rebound, but it may be offset by falling food CPI. Guotai Junan
believes that Sun Art deserves a valuation premium over traditional retail enterprises,
considering that online sales account for a larger proportion of GSP and contribute stable
profit. (KL)

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