周大福(01929)
We expect NP of HK$1.24bn on a 19% decline in sales to HK$23bn, equal to ayoy 28% decline in the NP excluding the hedging impact. We believe averageinventory price in 1HFY17 was similar to the 6-month-end gold price. Thus, wedo not expect the hedging impact to be significant. In fact, there is a potential hedging gain from unwinding the position in the previous 6 months.
The analyst meeting will likely focus on the SSS trend in HK and China, andhow fast can rental reduction in HK benefit operating profit. We are positive on management’s comment that it will continue to close stores in HK until it sees a positive SSSg.
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