Sa Sa Intl (178 HK): Every Coin Has Two Sides

902 Views21 Jun 2024 07:30
​Sa Sa's FY24 result is behind market expectations, but the resumption of dividends at a 70% payout ratio is encouraging. Despite a drop in 1Q25 overall sales, mainland China sales have surged 83.9%.
What is covered in the Full Insight:
  • FY24 Result Overview
  • Profit and Margin Analysis
  • Sales Performance by Region
  • Dividend Policy and Cash Accumulation
  • Future Outlook and Macro Environment
Boomeranged on Tue, 8 Oct 2024 09:03
During the first 5 days of the Golden Week, over 980,000 mainland visitors arrived in Hong Kong, up 35% YoY. Macau's growth was 19% YoY. Stronger stock market will boost the medium-term consumer sentiment. The Consensus forecast is conservative calling for flat earnings for FY25 (Year-end Mar), leaving room for upgrade. Even with a 25% surge in share price yesterday, Sa Sa stays very interesting.
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Osbert Tang, CFA
HK/China Equity Long-Short
Hong Kong & ChinaIndustrials & UtilitiesEquity Bottom-UpThematic (Sector/Industry)
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