I. T Limited is a Hong Kong-based investment holding company principally engaged in the retailing of fashion apparels and accessories. The Company's products are from international designer's brands, in-house brands and licensed brands. Its international designer's brands include Alexander McQueen, Celine, Gucci and Kenzo, among others. Its in-house brands include izzue, 5cm, CHOCOOLATE, AAPE and Venilla suite, among others. Its licensed brands include MLB, among others. The Company operates through five geographical segments, including Hong Kong segment, Mainland China segment, Japan segment, Macau segment and Others segment.
  • Ticker00999
  • ISINBMG4977W1038
  • ExchangeHong Kong Stock Exchange
  • SectorGeneral Retailers
  • CountryBermuda

Analysts

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T (999 HK): 1HFY20: Posts net loss amid macro uncertainty. HOLD

In line with its earlier profit warning, I.T reported a 1HFY20 net loss of HK$72m last night (vs 1HFY19 net profit of HK$113m) on a revenue decline of 1.2% yoy to HK$4,015m, mainly due to operating losses from Hong Kong and Macau as a result of weak consumer sentiment and inbound tourist arrivals. Gross margin contracted 1.9ppt yoy, driven mainly by earlier-than-usual discounting activities in Hong Kong and Macau. Japan & US SSS growth slowed to a low-single-digit. Maintain HOLD with a target price of HK$1.85. Entry price: HK$1.58.

UOB
Joyce Chan Pui Lai ...
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Monday, May, 27, 2019

KEY HIGHLIGHTS CHINA Sector Coal A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69) FY19: In line; no change to store expansion strategy in China. HONG KONG Sector Property Weekly Wrap-up: REDA relaxes sales guidelines. TRADERS’ CORNER China Gas (384 HK): Trading Buy Range Tsingtao Brewery (168 HK): Trading Sell Range

UOB
Desmond Chong Chee Wai ...
  • Jonathan Koh
  • Jovin Anwar
  • Julia Cheung Pui Man
  • Kong Ho Meng
  • Lee Yuk Kei
  • Loke Pei Hao
  • Neo Chen Wentao
  • Philip Wong
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Thunya Sutavepramochanon

Regional Morning Notes - Monday, May 27, 2019

CHINA Sector Coal: A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69): FY19: In line; no change to store expansion strategy in China. HONG KONG Property: Weekly Wrap-up: REDA relaxes sales guidelines. INDONESIA Update Charoen Pokphand Indonesia (CPIN IJ/HOLD/Rp4,650/Target: Rp5,000): Upgrade to HOLD; trading cheaply at near -2SD to mean PE despite expected 19.2% yoy net profit decline in 2019. MALAYSIA Results Kossan Rubber (KRI MK/HOLD/RM3.82/Target: RM3.70): 1Q19: Results beat our expectations as margins held up. Retained production expansion timeline ...

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T - FY19: In line; no change to store expansion strategy in China.

I.T’s FY19 net profit grew 2.8% yoy to HK$443m, in line with consensus forecast, on top-line growth of 5.4% yoy amid macro headwinds. The Hong Kong & Macau segment chalked up an operating profit while the China segment suffered a margin squeeze. The Japan segment’s SSS growth slowed down to a high single digit after years of rapid growth. I.T will maintain rapid store expansion pace in China, given lower-than-peers’ penetration. Maintain HOLD with a lower target price of HK$3.69. Entry price: HK$3.15.

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T Ltd - Expecting slower FY19 SSS growth on weaker consumer sentiment.

In the light of weakening Hong Kong retail spending and weather-related headwinds, we expect segmental FY19 SSS to register low-single-digit growth. China’s market profitability could be under pressure, mainly hindered by sluggish customer sentiment, renminbi depreciation and soaring opex. Growth in Japan and the US should be sustainable, albeit at a slowing pace. We slash our earnings forecasts and lower our target price to HK$4.04. Downgrade to HOLD. Entry price: HK$3.48.

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T (999 HK): 1HFY20: Posts net loss amid macro uncertainty. HOLD

In line with its earlier profit warning, I.T reported a 1HFY20 net loss of HK$72m last night (vs 1HFY19 net profit of HK$113m) on a revenue decline of 1.2% yoy to HK$4,015m, mainly due to operating losses from Hong Kong and Macau as a result of weak consumer sentiment and inbound tourist arrivals. Gross margin contracted 1.9ppt yoy, driven mainly by earlier-than-usual discounting activities in Hong Kong and Macau. Japan & US SSS growth slowed to a low-single-digit. Maintain HOLD with a target price of HK$1.85. Entry price: HK$1.58.

UOB
Desmond Chong Chee Wai ...
  • Jonathan Koh
  • Jovin Anwar
  • Julia Cheung Pui Man
  • Kong Ho Meng
  • Lee Yuk Kei
  • Loke Pei Hao
  • Neo Chen Wentao
  • Philip Wong
  • Sandra Huang Jieqiong
  • Shaun Tan
  • Thunya Sutavepramochanon

Regional Morning Notes - Monday, May 27, 2019

CHINA Sector Coal: A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69): FY19: In line; no change to store expansion strategy in China. HONG KONG Property: Weekly Wrap-up: REDA relaxes sales guidelines. INDONESIA Update Charoen Pokphand Indonesia (CPIN IJ/HOLD/Rp4,650/Target: Rp5,000): Upgrade to HOLD; trading cheaply at near -2SD to mean PE despite expected 19.2% yoy net profit decline in 2019. MALAYSIA Results Kossan Rubber (KRI MK/HOLD/RM3.82/Target: RM3.70): 1Q19: Results beat our expectations as margins held up. Retained production expansion timeline ...

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T - FY19: In line; no change to store expansion strategy in China.

I.T’s FY19 net profit grew 2.8% yoy to HK$443m, in line with consensus forecast, on top-line growth of 5.4% yoy amid macro headwinds. The Hong Kong & Macau segment chalked up an operating profit while the China segment suffered a margin squeeze. The Japan segment’s SSS growth slowed down to a high single digit after years of rapid growth. I.T will maintain rapid store expansion pace in China, given lower-than-peers’ penetration. Maintain HOLD with a lower target price of HK$3.69. Entry price: HK$3.15.

UOB
Julia Cheung Pui Man ...
  • Lee Yuk Kei

I.T Ltd - Expecting slower FY19 SSS growth on weaker consumer sentiment.

In the light of weakening Hong Kong retail spending and weather-related headwinds, we expect segmental FY19 SSS to register low-single-digit growth. China’s market profitability could be under pressure, mainly hindered by sluggish customer sentiment, renminbi depreciation and soaring opex. Growth in Japan and the US should be sustainable, albeit at a slowing pace. We slash our earnings forecasts and lower our target price to HK$4.04. Downgrade to HOLD. Entry price: HK$3.48.

UOB
Chong Lee Len ...
  • John Cheong Ming Chern
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Leow Huey Chuen
  • Malaysia Research Team
  • Napat Vorajanyavong
  • Nick Liu Sunliang
  • Thananchai Jittanoon

Regional Morning Notes - Tuesday, April 23, 2019

CHINA Sector Property: Weekly: Low inventories in tier-1 and tier-2 cities. HONG KONG Small/Mid Cap Highlights I.T (999 HK/HOLD/HK$3.78/Target: HK$4.04): Expecting slower FY19 SSS growth on weaker consumer sentiment. Downgrade to HOLD. MALAYSIA Results DiGi.Com (DIGI MK/BUY/RM4.65/Target: RM5.40): 1Q19: Results within expectations; earnings momentum to pick up in 2Q19 with the relaunch of Phone Freedom 365. Update IOI Corporation (IOI MK/HOLD/RM4.45/Target: RM4.00): Lower earnings for plantation segment, whereas resources-based manufacturing segment continues to contribute more with lower fee...

UOB
Joyce Chan Pui Lai ...
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Monday, May, 27, 2019

KEY HIGHLIGHTS CHINA Sector Coal A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69) FY19: In line; no change to store expansion strategy in China. HONG KONG Sector Property Weekly Wrap-up: REDA relaxes sales guidelines. TRADERS’ CORNER China Gas (384 HK): Trading Buy Range Tsingtao Brewery (168 HK): Trading Sell Range

IT LTD. sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of IT LTD. (HK), active in the Apparel Retailers industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date February 15, 2019, the closing price was HKD 4.03 and its target price was estimated at HKD 3.42.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch