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]Nomura upgrades Sa Sa Int'l (00178) to HK$4

  Nomura lifted its target price for Sa Sa 
International (00178) to HK$4 from HK$3, and upgraded its rating to "buy" from "neutral".
  The research house said Sa Sa reported yet another strong update with SSS growth of
12.2% for the Chinese New Year period (CNY) following its visible improvement in 3Q FY2018
SSS (3.7% versus flattish growth in 9-month FY2018).
  The strength in CNY was backed by a 14.5% increase in PRC tourist arrivals to Hong Kong.
As a result, the increases in transactions of Mainland tourists and in average sales per 
transaction of local customers were up 18.9%/9.7%.
 Nomura believes this showcases management's execution ability, as the company's store 
relocation program of moving stores to more efficient prime locations was just in time to
benefit from the uptick in PRC tourist visitations. It adjusted its FY2018/19 SSS growth 
upward to 1.9/8%.

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