Belle International’s FVE Maintained at HKD 4.90 Per Share Following Full-Year Result
No-moat-rated Belle’s weak full-year result once again confirmed our thesis that: 1) the downtrend for the footwear segment is structural; and 2) the rising contribution of the lower-margin sportswear segment will reduce the group’s overall margins. We maintain our fair value estimate of Belle at HKD 4.90 per share, which translates to a price/earnings ratio of 10 times and a dividend yield of 5.9%. The shares appear overvalued as the share price hiked after the announcement of privatization wit...
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