Analyst Research Report Snapshot


361 Degrees (1361 HK, HK$1.92, U): Maintain Underperform




KGI Greater China


18 Mar 2014





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2013 results in line 2013 revenue down 27.6% YoY, net profit down 70.1% YoY, mostly in line with our forecasts Gross margin better than our forecast; 361DºKids a potential growth driver in coming years; AR provisioning cost remains a key risk We raise 2014F & 2015F gross margins, and earnings revised up 8.8% & 9.7%; forecasts rolled over to 2016, with 12M target price increased to HK$1.60; maintain Underperform According to our revised model, 361D will revert to net profit growth in 2014 after two years of steep decline. We raise our 12-month target price to HK$1.60 from HK$1.49, based on unchanged 2014F PE of 8.0x. With 18% downside, we maintain our Underperform rating on the stock.

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