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Nomura lowers Best Pacific (02111) to HK$4.2

 Nomura lowered its target price for Best Pacific
(02111) to HK$4.2 from HK$4.6, and reiterated its "neutral" rating.
  The research house said Best Pacific's FY2017 net profit of HK$304mn (-33.5%) was in 
line with expectations as the company had released a profit warning on 24 January. Balance
sheet health deteriorated, with gross gearing increased from 31% in FY2016 to 54% in 
FY2017 due to a twofold increase in capex and a 37.5% decrease in operating cashflow.
  Looking ahead, Nomura expects sportswear revenue to continue to be the main revenue
driver, delivering 43.9% growth in FY2018, driven by demand from key customers such as UA
and Lululemon.

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