[ET Net News Agency, 20 December 2019] CICC Research raised its target price for Sun
Art Retail (06808) by 4% to HK$10 and maintained its "outperform" rating.
The research house expects Sun Art to focus on revamping hypermarkets in 2020, improving
exposure to fresh produce and strengthening its online presence. CICC thinks same-store
sales will steadily grow amid rising online orders, growing per customer transaction and
improving customer traffic in hypermarkets after revamping.
Given the upside surprise in online business' earnings, CICC raised its 2019/2020 EPS
forecast by 5% to Rmb0.29 and by 4% to Rmb0.32. (KL)