咪咪笑

First look
Ports Design reported 1H08 net profit growth of 28% y-y, with revenue up 20% y-y
and operating profit up 32% y-y. The core retail operation was broadly in line with
comp store sales up 30% y-y, but export business was somewhat disappointing.
Management remained upbeat on the rest of the year, although 3Q08 is showing
some impact from the Olympics. We intend to review our forecasts again after
discussions with management.