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Analyst: Scott Chan

Report date Title
02 May 2018 Sales decline widened but rich in cash
01 March 2018 Valuation low but so is visibility
21 September 2017 Hold: Key takeaways from Hong Kong NDR
20 September 2017 Hold: FY17 in line; buyback to support share price
02 June 2017 Reduce: Margin pressure to persist on weak top line
23 February 2017 1H FY16/17 results first take
21 September 2016 Reduce: Expect loss making to continue
19 July 2016 Reduce: Macro risks increase turnaround uncertainty
30 June 2016 Downgrade to Reduce: Bumpy road to recovery
24 March 2016 Hold: Key takeaways from investor day in Germany (by Cathy Chao)
24 February 2016 Hold: 1H loss within expectations (by Cathy Chao)
19 February 2016 Hold: A work in progress (by Cathy Chao)
23 September 2015 Hold: Almost back in style (by Cathy Chao)
05 May 2015 Hold: 3Q sales still showing a decline (by Cathy Chao)
26 February 2015 Downgrade to N: Slower recovery from low SSSG, FX (by Cathy Chao)
17 December 2014 OW: Poor 1Q overplayed; new vertical model ramps up (by Chris Zee)
24 September 2014 OW(V): Cost base dixed; shift to vertical model underway (by Chris Zee)
30 April 2014 OW(V): Short-term derailment; restructuring on track (by Chris Zee)
21 February 2014 OW(V): Costs fixed; vertical-model adoption underway (by Chris Zee)
06 February 2014 OW(V): On track with near-term directives (by Chris Zee)
12 November 2013 Great start on transformation; no more doubts (by Chris Zee)
30 October 2013 Initial confirmation of a structural turnaround (by Chris Zee)
10 September 2013 OW(V): Worst is behind us; transition already underway (by Chris Zee)
06 September 2013 OW(V): Expect a fruitful turnaround in FY14e (by Chris Zee)
07 August 2013 OW(V): Preliminary confirmation of a structural turnaround (by Chris Zee)
30 May 2013 OW(V): Fast and rigorous - new business model (by Chris Zee)
15 May 2013 OW(V): Analyst day takeaway - high speed delivery (by Chris Zee)
13 May 2013 OW(V): No panic, kitchen-sinks for a sharp FY14e rebound (by Chris Zee)
18 April 2013 OW(V): Preliminary signs of a structural turnaround (by Chris Zee)
22 March 2013 Upgrade to OW(V): Stopping the bleeding (by Chris Zee)
01 March 2013 Upgrade to N(V): Negative priced in, execution holds key (by Chris Zee)

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