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西牛证券6月13日发布公告。Besides, EEKA Fashion (03709.HK) is a cash-cow company generating over RMB 10bn cash flow from operation and hundreds of million cash inflow ex. dividend, and it announced a final dividend of HKD 0.4 per share for the year ended Dec 2022, representing ~60% of the dividend payout ratio. We believe that i) the downside potential for EEKA Fashion (0370.HK) is protected by its strong cash-generating ability, ii) the Group will bottom out in the near future, we reiterate the “BUY” rating for the Group and the HKD 12.22/share target price, implying 12.4x/10.1x/8.4x forward PE of FY 2023/FY 2024/FY 2025.