UBS stated that CHOW TAI FOOK (01929.HK) +0.040 (+0.372%) 
Short selling $18.76M; Ratio 17.176%
will launch an inventory unification program to new subscribers in
three years. Despite the doubt of certain investors, the broker believed
that the program can help resolve the two problems of large-scale
retailers in China: inability to redirect inventory across regions
instantly and unwillingness for new product trial.
The broker is confident about the group's PRC business but maintained the rating of Chow Tai Fook as Neutral in consideration of the weak sales in Hong Kong. The earnings forecast in 2015-17 was cut by 7.73-9.06% and the target price was trimmed from $12.8 to $11.8.
Short selling $18.76M; Ratio 17.176%
will launch an inventory unification program to new subscribers in
three years. Despite the doubt of certain investors, the broker believed
that the program can help resolve the two problems of large-scale
retailers in China: inability to redirect inventory across regions
instantly and unwillingness for new product trial.The broker is confident about the group's PRC business but maintained the rating of Chow Tai Fook as Neutral in consideration of the weak sales in Hong Kong. The earnings forecast in 2015-17 was cut by 7.73-9.06% and the target price was trimmed from $12.8 to $11.8.
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