中金公司12月2日发布公告。We maintain our 2019 & 2020 earnings forecast. The company has changed its fiscal-year-end to March 31 from December 31; thus, we will adjust our historical results and earnings forecast period after the 12-month results announcement (FY19 results were disclosed on a 15-month basis). The stock is trading at 7.9x 2019 and 7.2x 2020 P/E. We maintain an OUTPERFORM rating and our target price of HK$1.24 (11.2x 2019 P/E and 10.2x 2020 P/E) based on SOTP valuation, offering 40.6% upside from the current price. We value the apparel business at 12x 2019e P/E. We also assign a 30% multi-business discount to the sum of each segment. Risks: Consumption slows further; apparel trends disappoint.