L'OCCITANE (00973.HK) -0.150 (-0.451%) Short selling $8.28K; Ratio 0.028% 's FY24 net profit sank 18% YoY, mainly due to weaker-than-expected revenue, which lifted only about 19%, as well as unexpected asset impairment losses and a higher effective income tax rate, according to a research report by Citi Research. Core operating profit (COP) for the period was in par with expectations, with a better COP margin offsetting weaker sales.
Taking into account the weaker-than-expected FY24 results, Citi cut its FY25-26 net profit forecast by 16% and 13% respectively, and raised its TP from $32.8 to $34, in line with the offer price of the privatization. The broker downgraded the stock from Buy to Neutral in light of the current fluctuation of its share price in the privatization bidding range.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 16:25.)
Related NewsL'OCCITANE Annual Net Profit US$93.893M, Down 18.4%
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