DAPHNE (210.HK) : UW(V): SLUGGISHNESS TO SUSTAIN IN 2H
汇丰银行(中国)有限公司2013-08-27
1H results missed our forecast by 7% on margin softness; inventory management was a positive surprise Cut FY13-15e earnings by 23-30% on lower margins across these years; revised numbers are 5-10% below consensus Reiterate UW(V); cut TP to HKD3.65 (from HKD4.80), still based on 8x FY14e PE (similar to 2008/09 levels)