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HK-listed Prada hits 7-1/2-yr high on strong H1, outlook

Reuters2021-07-30

** Shares of Italian fashion group Prada jump 20.1% to HK$65.30, the highest since Feb 2014, on course for fifth consecutive session of gains

** Stock last up 13.6%, on track for best day since March 2018; the fifth-biggest pct gainer on the HK bourse

** Milan-based luxury group sees sales rising further in H2 after H1 rev beats market expectations, extending a recovery from the worst of the COVID-19 crisis

** Jefferies maintains "hold" on stock but raises PT to HK$56.90 from HK$51.70, as brokerage lifts sales assumption in 2021 to 2023 on H1 results

** Citi says Prada's turnaround could drive an attractive EPS upgrade cycle and faster-than-expected margin recovery, and it sees slight share price upside near-term

** The Hong Kong Hang Seng Commerce & Industry Index falls 2.1%, and the Hong Kong Hang Seng consumer goods and services index slips 0.8%

** The benchmark Hang Seng Index slides 1%

** As of last close, the stock had gained 6.2% this year

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Comment7

  • balaranjith
    ·2021-07-30
    Good to hear 
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  • ARIESan
    ·2021-07-30
    I love Prada [Happy] [Happy] [Happy] 
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  • KH321
    ·2021-07-30
    More rich people, more sales of luxury items. 
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  • mizseah
    ·2021-07-30
    Good news . Please like and comment . 
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    • jerminos
      Done!
      2021-07-30
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  • Doge2theMoon
    ·2021-07-30
    Pandemic boost? ?
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  • MieCheng
    ·2021-07-30
    Wow
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    • MieCheng
      sell
      2021-07-30
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  • AppleMango
    ·2021-07-30
    Will this be overpriced?
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    • AppleMango
      Pls like n comments
      2021-07-30
      Reply
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