20080826-BNP Paribas-Ports Design (0589 HK)
Ports’ strong pricing power allows it to have better earnings growth rate and visibility compared to the overall market.
1H08 NP +28.4% to HKD183m on strong SSS of 30%, though offset by net reduction in store numbers and decrease in
OEM division. We retain BUY at new TP HKD28.00 on slightly lower earnings forecast (-1.9% for 2008E).
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