报告名称：L’Occitane(00973.HK)Key takeaways from NDR
报告类型：港股研究
报告日期：2015-12-14
研究机构：德意志银行
股票名称：L'OCCITANE
股票代码：00973
页数：11
简介：TP at HK$19.6, implying CY16E/FY17E PE of 27x/23x; risks
Our primary valuation method is DCF (with a COE of 6.18%, a beta of 0.825 and a terminal growth rate of 2.0%), yielding our HK$19.6 target price (TP). The key industry risk is increasing competition from global and regional players. Company-specific risks include brand/product concentration and a failure to improve further in key markets such as Japan/China.
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