DAPHNE(210.HK):DOWNGRADE TO UW(V): WAVING THE WHITE FLAG
汇丰银行(中国)有限公司2013-07-12
2Q SSS declined by 13.7% (after -2.5% in 1Q), much worse than our forecast of a 5-6% fall Profit warning was flagged; we cut our FY13e-14e forecasts by 20-25% Downgrade to UW(V) from OW(V); Cut TP to HKD4.8 (from HKD11.72), based on 8x FY14e PE (similar to 2008/09 levels)