HK-listed L'Occitane hits near 8-1/2-year high on strong sales growth
05/05/2021 04:03
** Shares of cosmetics and skincare products maker
L'Occitane International SA 0973.HK surge as much as 15.3% to
HK$26.80, their highest since January 2013, and on course for a
third straight session of gain
** Stock last up 12.9%, on track for the best day since Jan.
27; among the 30 biggest percentage gainers on the Hong Kong
bourse
** Co says its sales grew 12.5% at constant rates in the
quarter ended in March, driven by growth of its core brand
L'Occitane en Provence; sales through online channels surged
60.5% at constant rates urn:newsml:reuters.com:*:nFWN2MR0MY
** Says China, Russia, Taiwan, Brazil, and the United States
posted growth of 60%, 23.6%, 17.4%, 9.4% and 9%, respectively,
at constant rates
** Brokerage Nomura maintains "buy" rating on the stock but
lifts TP to HK$27.50 from HK$22.50 on strong sales momentum and
rising margins
** Daiwa Capital lifts TP to HK$26.3 from HK$25
** The benchmark index Hang Seng Index .HSI slips 0.1%
** As of last close, the stock had surged 20.3% this year
(Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)