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Citi cuts Stella Holdings (01836) to HK$8.6

  Citi Research cut its target price for Stella 
International Holdings (01836) to HK$8.6 from HK$9.5, and maintained its "sell" rating 
given the slowdown in athleisure growth, further ASP decline & uncertainty related to the
factory closure in the year ahead.
  The research house said Stella's FY2017 results came below expectations. Excluding 
one-offs, adjusted net profit improved slightly by 0.9% yoy to US$79.2mn, missing Citi 
estimate by 5%.
  Citi expects athleisure growth momentum to normalize ahead and fashion/casual sales to 
bottom up gradually. Moreover, the company disclosed one-off expenses related to one 
factory closure in 2018, putting uncertainties in its capacity and order growth.

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