Cosmetics chain L'Occitane jumps most in 1-1/2 years on robust annual results

L'Occitane International SA

28/06/2022 03:38

** Shares of cosmetics manufacturer and chain operator
L'Occitane International SA  0973.HK  jump 15.6% to HK$27.75,
their biggest intraday pct gain since January 2021
    ** Stock hits the highest since Feb 24 and is the
second-biggest pct gainer on the Hang Seng Composite Index
 .HSCI  
    ** Co says its net profit for fiscal year ended in March
soared 57.5% year-on-year, operating profit jumped 43.3% and net
sales up 15.8% due to strong operational performance of its core
brand L'Occitane en Provence and its other brands  urn:newsml:reuters.com:*:nL8N2YE1RH
    ** Co proposes an increase in dividend payout ratio to 40%
from 35%, with final dividend up 78.6% from a year-ago period
    ** Daiwa maintains "buy" rating on the stock due to a
stronger-than-expected operating margin, but trims TP to
HK$36.80 from HK$38 with risk including weaker-than-expected
consumer sentiment
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
1.7% and the Hang Seng consumer goods and services index
 .HSCGSI  slips 0.4%
    ** The Hang Seng Composite Index  .HSCI  and the benchmark
Hang Seng Index  .HSI  down 0.8% each
    ** As of last close, L'Occitane stock down 23.9% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))