BELLE International Third Quarter Footwear Sales Growth Expected
On October 14th, Lyon was published in October 13th.
BELLE
International [14.500.98%] (01880) research report, which means its third quarter footwear sales growth is expected to win.
market
Worrying about new business indicators is unnecessary. Its vertical integration business mode and strong execution management make its valuation premium exceed peers.
The bank chose BELLE as the preferred consumer market in mainland China, so it maintained a "buy" investment rating with a target price of 20.3 yuan.
BELLE yesterday closed at 14.5 yuan, up nearly 1%, rising by about 40% from the target price.
Lyon said BELLE's third quarter footwear sales in the same store grew by 18.5%, up 6% to 8% from the bank and higher than the management's target of 10% in the second half of this year.
Because of strong sales and stable retail discount, the average selling price of footwear products increased during the period.
BELLE's high unit to low double-digit sales growth has proved its sustainability in earnings growth and excellent management and execution capabilities.
In addition, its sportswear business grew by 2.5% in the same store, slightly lower than the expected 4% to 5% in the bank.
Clothes & Accessories
Brand trends are consistent.
But its sportswear business accounts for only about 10% to 15% of group EBIT.
Lyon said that some of the new business indicators of BELLE had been tested before the group's announcement in August, and the latest business can be made available by BELLE's existing supply chain, distribution channels, brands and R & D resources.
Its advanced logistics infrastructure, vertical integration business model and strong R & D capability will support the strong executive capability of BELLE management, thereby greatly reducing its execution risk and affecting group profitability.
Lyon said that the 3 businesses BELLE acquired earlier has successfully integrated its operation and has become a new driving force for the next two years.
At present, BELLE footwear has a larger sales base and a richer brand portfolio. Its management team is familiar with the market and has a high degree of discipline in its business development.
The bank expects that the newly announced business will only have a low number of units in 2012, which has no substantial impact on the group profit margin.
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