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Credit Suisse cuts Stella (01836) to HK$12.2
Credit Suisse lowered its target price for Stella
International (01836) to HK$12.2 from HK$13.2, and maintained its "neutral" rating.
  The research house said Stella's 4Q 2017 OEM revenue increased 2.1% to US$349.3mn. 
Volume grew 11.6% to 14.4mn but ASP declined 8.3%, which is below Credit Suisse's
estimates. Overall, 2017 revenue improved 1.6% on 7% volume increase and 5% ASP decline.
  Management believes that ASP will decline 2-3% in 2018 but volume will continue to pick
up by mid-single-digit and reach 60mn pairs of shoes. OPM guidance is still at 5-6% range.
  Credit Suisse trimmed down EPS estimates for 2017/2018 by 8.2%/3.4% to reflect the ASP 
decline and margin pressure. 

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