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SA SA target price trimmed to $1.54 by Goldman
22 Nov 2019
(Infocast News) Goldman Sachs has a Neutral rating on Sa Sa (00178) with target price trimmed from HK1.55 to HK$1.54.

Goldman said Sa Sa's quarter-to-date same store sales growth (SSSG) trend in Hong Kong & Macau is weaker than the September quarter, with November worse than October, but we expect the SSS decline to be sequentially narrowed in 4QFY20 as the base gets easier. Goldman lowered its FY20/21/22 sales estimates by 7%-9% to reflect the aggressive store closure pipeline in Hong Kong and continuous weakness in Hong Kong retail market amid macro uncertainties.

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