Daiwa issued a report sayingwhiterabbitslot, lowered its earnings per share forecast for TOBO for the current and next fiscal years by 11%, and lowered its target price from HK$7 to HK$6.whiterabbitslotHK$.6, with a forecast P/E ratio of 15 times, while confirming a "buy" rating, viewing the stock as attractivewhiterabbitslotDividend-paying stocks and benefited from the recovery of fundamentals.
The bank's total retail sales have fallen year-on-year so far in the current fiscal year, affected by last year's high base and delayed launch of new products, although sales have improved month-on-month since May. Management is still confident in the sales growth target for the current fiscal year. Overall discounts have increased slightly year-on-year so far in the current fiscal year. Affected by the shift in channel mix to online channels, even though discounts through social media traffic have improved year-on-year. Management will maintain an omni-channel retail strategy to drive store and space unit efficiency, while leveraging emerging departments and new business models to drive future growth. Daiwa pointed out that the recovery process is unbalanced but the dividends are attractive. It is expected that it predicts dividend returns of 8% and 9% respectively from fiscal year 2025 to fiscal year 2027.whiterabbitslot.1% and 9.9%.
