DIRECTORS of Japanese general merchandise store chain Jusco Stores (Hong Kong) expect its $104 million new primary listing in the territory to be between 50 and 100 times oversubscribed. They say their forecast could even be on the conservative side. Details of the spin-off listing for the Jusco group's Hong Kong operations which were released yesterday have been warmly greeted. A full prospectus will be announced today. The company intends to raise $104 million by issuing 52 million new shares and offering for sale 13 million existing shares, now held by S & J Development of Thailand, in which Jusco (Japan) holds an indirect interest of 14.7 per cent. The shares, with a par value of 20 cents each, will be offered at a subscription price of $1.60 per share. The price is equivalent to an actual prospective price-earnings multiple of 9.24 and a weighted average prospective price-earnings multiple of 7.55. This is roughly in line with price-earnings multiples offered by other Japanese retailers listed in Hong Kong. The net proceeds of the new issue are expected to be $73.8 million, which will be used to fund expansion. Jusco (HK)'s directors have forecast a net profit for the current financial year ending February 28, 1994 to be not less than $45 million. They do not expect to post any extraordinary items. This compares with a net profit of just $5.47 million during the 1992-93 financial year and a $12.22 million loss for the year to February 1992. Tatsuichi Yamaguchi, Jusco (HK) managing director, attributed the Hong Kong company's past losses to the hefty cost of opening up new stores in the territory in 1992. The chain has four mega-stores in operation, with a further five scheduled to open by 1999.