DAPHNE (210.HK):UW(V): NOT HOPEFUL FOR A QUICK FIX
汇丰银行(中国)有限公司2014-01-21
Gross margin further deteriorated amid aggressive discounting; dilutes improvement in SSS Our FY13-15e estimates are 45-46% below consensus, mainly deviates on timing of recovery Reiterate UW(V); cut TP to HKD2.25 (from HKD3.65), based on 12x FY14e PE