HK-listed L'Occitane hits 5-week high on sales growth, buyout report

L'Occitane International SA

26/07/2023 03:25

** Shares of L'Occitane International  0973.HK  jump as much
as 10.7% to HK$23.20, highest since June 21
    ** Stock set for biggest one-day pct rise since May 5 if
gains hold; second biggest pct gainer in the Hang Seng Composite
Index  .HSCI  and sixth biggest gainer on the Hong Kong bourse  
    ** Skincare products group says Q1 sales hit 502.2 mln euros
($554.53 mln), up 20.2% YoY at reported rates and 24.5% at
constant rates
    ** Says remains "cautiously optimistic" about its prospects
in FY2024
    ** L'Occitane's controlling shareholder mulls to take co
private, Bloomberg reported, citing people with knowledge of the
matter 
    ** L'Occitane has not immediately responded to Reuters'
request for comment regarding the buyout report   
    ** Daiwa reiterates "buy", saying co's digital marketing
investment will translate into stronger top-line growth 
    ** Jefferies says Q1 growth slightly ahead of trend while
international companies listed in Hong Kong may seek dual
primary listing or listing elsewhere to explore higher valuation
in other markets, increase liquidity and to avoid Sino-US
tension
    ** The Hang Seng Consumption Index  .HSCGSI , Hang Seng
Composite Index  .HSCI  and the Hang Seng Index  .HSI  all slip
0.3%
    
    ($1 = 0.9056 euros)

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