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Nomura starts Crystal Int'l (02232) at HK$9.7

  Nomura initiated coverage of Crystal International 
Group (02232) with a "buy" rating and a target price of HK$9.7.
  It noted that Crystal is a unique original equipment manufacturer (OEM) with a 
diversified product portfolio, which includes lifestyle wear, denim, intimate, sweater and
sports and outdoor apparel. Nomura said this enables Crystal to penetrate into various 
segments of the same clients.
  Nomura believes scale and product diversification will help Crystal to become one of the
biggest suppliers of its existing clients. The company's capacity should rise to 548mn 
pieces by FY2019 to help meet growing orders (2016-19 CAGR of 15.8%). It believes the
company's gross margin should rise by 0.7ppt to 21.1% by FY2018.

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