Privatization a Good Way Out of Belle Which Has Little Earnings Growth Prospects
We suggest shareholders vote in favor of the privatization of no-moat Belle. The consideration price of the privatization is HKD 6.3 per share, 20% and 28% premium to last price and our fair value estimate, respectively. The consideration price translates to a price/2017 earnings ratio of 19.1 times, versus 14.9 times implied by our fair value estimate. Mr. Sheng Baijiao, the current CEO of Belle admitted previously that there would be career risks for current management to have a major overhaul...
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