报告名称：Sa Sa(00178.HK)Reduce： Makeover needed
报告类型：港股研究
报告日期：2016-01-12
研究机构：汇丰银行
股票名称：莎莎国际
股票代码：00178
页数：15
简介：The Hong Kong/Macau segment continues to worsen with 3Q FY16 SSS at -12%
We expect sales will continue to decline and the corresponding operating deleverage should put pressure on valuation
Maintain Reduce and lower TP to HKD1.90 (from HKD2.10) on lower earnings estimates

下载地址：Sa Sa(00178.HK)Reduce： Makeover needed