报告名称：Sa Sa International Holdings(00178.HK)Further decline in HK SSSG no signs of sta
报告类型：港股研究
报告日期：2016-01-12
研究机构：高盛集团
股票名称：莎莎国际
股票代码：00178
页数：8
简介：Sa Sa is trading at 15X P/E, similar to the 10-yr avg of 17X. With Sa Sa’s earnings growth remaining weak, multiples could further decline. We cut our 12m TP to HK$2.0 from HK$2.1 (still based on 12X P/E, low end of its 5-yr range). We roll forward valuations by 6m to average FY3/17-18E.

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