汇丰银行-xx纺织品-china textiles：revising our expectations ahead of 1h17 results-20170717-hsbc.pdfVIP

Flashnote 17 July 2017   China Textiles EQUITIES TEXTILES, APPAREL LUXURY GOODS Revising our expectations ahead of 1H17 results China  We expect Shenzhou to see strong top-line growth but raw Scott Chan*, CFA Analyst, Consumer Retail Research material prices could impact margin; US retail weakness to be The Hongkong and Shanghai Banking Corporation Limited partly offset by margin stabilization for Li Fung scotttkchan@.hk +852 3941 7005  Limited read-across from Best Pacific’s profit warning Erwan Rambourg Global Co-Head Consumer Retail Research HSBC Securities (USA) Inc.  Reiterate Buy and raise TP to HKD59.60 from HKD56.80 for erwanrambourg@ +1 212 525 8393 Shenzhou as roll-over offsets lower