报告名称：Giordano(00709.HK)Focus on profitability and good CF ensures dividend payout；Buy
报告类型：港股研究
报告日期：2016-03-04
研究机构：德意志银行
股票名称：佐丹奴国际
股票代码：00709
页数：12
简介：Our DCF-based TP assumes a 7.6% WACC and 7.6% COE for Hong Kong based on a 1.0 beta, within the 1-1.3 range that we use to value the sector. Our TGR is 0% (cut from 1%, as we believe that the market in this segment is mature). Our TP is supported by an estimated 7.0% yield and implies 14.7x FY16E PE. Downside risks: competition, weak SSSg and currency volatility.

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