Intime Falls Ahead of Quarterly Sales Data: Hong Kong Mover
Intime Department Store Group Co. Ltd. (1833), the third-biggest department store operator in China by market capitalization, dropped by the most in a year in Hong Kong trading ahead of the release of three-month operational data.
Intime fell 8.2 percent, the biggest decline since Oct. 18, 2011, to HK$8.21 at the close of Hong Kong trading. That compares with the 0.54 percent gain in the benchmark Hang Seng Index. Golden Eagle Retail Group Ltd. (3308), China’s biggest department store operator by market value, fell 4 percent and No. 2 Parkson Retail Group Ltd. (3368) dropped 1.9 percent.
“Investors are selling on the expectation of a lackluster third-quarter sales figure, which the company is due to announce,” said Albert Yip, a Hong Kong-based analyst at BOCOM International who rates the stock “neutral,” with a share- price estimate of HK$8.33.
China’s economic growth slid to a three-year low of 7.6 percent in the second quarter. The expansion rate may contract to 7.4 percent in the current three-month period from a year earlier, based on the median estimate of 23 analysts surveyed by Bloomberg News from Sept. 11 to Sept. 18.