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Lifestyle's recovery momentum accelerating
Lifestyle International's (01212) issued a 
positive profit alert, expecting FY2017 reported net profit will reach at least HK$3.18bn.
Macquarie Research said the figure is 22% above the research house's estimates of
HK$2.6bn.
  Fundamental-wise, Macquarie believes Lifestyle's HK retail business is accelerating its
recovery momentum. Its recent industry check is showing that domestic consumption is 
picking up stronger than Chinese tourists' consumption. Causeway Bay SOGO is firming up to
low-mid single-digit positive SSSg, while TST remains strong at double-digit growth for 2H
2017.
  It added that Chinese tourists' arrival grew by 3.9% for 2017, and the momentum is 
accelerating into 7-9% YoY growth in recent months. Macquarie maintained its "outperform"
rating on Lifestyle, with a target price of HK$17.

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