Lower TP to HK$8.40 We cut our FY16/17 net profit forecasts by 16%/19% to reflect lower SSS and a higher SG&A expenses ratio.We expect net profit to rise by 3% YoY in FY16 with 2% revenue growth and a stable SG&A expenses ratio.Though we see a challenging outlook due to the weak HK retail sector,we believe the worst of HK SSS is behind CTF(-26% in 4QFY15)as mainland visitor growth is stabilizing.
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