reports
- MarketLine Department
Pou Sheng International (Holdings) Ltd - Strategy, SWOT and Corporate ...
Summary Pou Sheng International (Holdings) Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Pou Sheng International (Holdings) Ltd (Pou Sheng), a subsidiary of Yue Yuen Industrial (Holdings) Ltd, a retailer of sportswear and footwear products. It also leases la...
- Chelsey Tam
Belle must contend with relentless competitive pressure from e-commerc...
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...
- Chelsey Tam
Belle International’s FVE Maintained at HKD 4.90 Per Share Following...
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...
- Chelsey Tam
Privatization a Good Way Out of Belle Which Has Little Earnings Growth...
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...
- Chelsey Tam
Belle’s Fourth-Quarter Performance Is Not All Bad; FVE of HKD 4.9 Pe...
No-moat Belle International warned that net profit for 2017 would decline by 15%-25% year over year, in line with the first-half net profit decline of 19.7%, but worse than our forecast. Belle also reported a better-than-expected same-store sales, or SSS, decline of 6.2% in footwear, as well as in-line sportswear SSS growth of 4.5% in the quarter. We are encouraged by the higher-than-expected decline in footwear store count, as we believe this decline will eliminate unprofitable or inefficient s...
- Chelsey Tam
Belle must contend with relentless competitive pressure from e-commerc...
No-moat Belle’s increased third-quarter same-store sales decline in footwear was a slight disappointment, but we see more proactive measures to revamp the footwear segment. We think the increased footwear store-count decline will eliminate inefficient stores more quickly, eventually improving same-store sales growth, or SSSG. Belle is strengthening its brand image by enhancing its brands' fashion styles, along with reducing costs and increasing product quality by outsourcing production. We sho...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Chelsey Tam
Uncertainty Around Belle’s Footwear Business Revamp; FVE Maintained
No-moat Belle’s increased third-quarter same-store sales decline in footwear was a slight disappointment, but we see more proactive measures to revamp the footwear segment. We think the increased footwear store-count decline will eliminate inefficient stores more quickly, eventually improving same-store sales growth, or SSSG. Belle is strengthening its brand image by enhancing its brands' fashion styles, along with reducing costs and increasing product quality by outsourcing production. We sho...
- Chelsey Tam
Belle Released Another Set of Weak Interim Results
Revenue in the first half was up 0.9% year over year to CNY 19.5 billion, while a 12.7% decline in footwear revenue to CNY 8.6 billion was offset by 14.7% growth to CNY 9.5 billion in the sportswear segment. In the first half, footwear revenue and profit mix declined to 44% and 61%, respectively, from 51% and 65% in the year-ago period. Operating profit was down 19.8% year over year as operating margin in the first half contracted from 14.7% to 11.7% year over year, owing not only to higher cont...
- Chelsey Tam
Belle’s Footwear Same-Store Sales Decline Improved; FVE Increased to...
Following the release of Belle’s second-quarter operating data, we have changed our 2017 footwear same-store sales decline assumption from 16.6% to 14.0% and our mainland average store unit decline from 2.0% to 2.2%. Belle’s total average retail store count in China was up by 2.1% year over year and down by 0.7% sequentially to 20,738 in the second quarter. We also fine-tuned our 2017 sportswear and apparel same-store sales growth from 8.5% to 6.0%, offset by an increase in average store uni...
- Chelsey Tam
Belle must contend with relentless competitive pressure from e-commerc...
After our call with no-moat Belle International regarding the firm's first-quarter operating data, we have cut our long-term DCF-generated fair value estimate to HKD 4.70 from HKD 4.90. This translates to a P/E ratio of 9 times. The shares are fairly valued, in our view. Our weighted average cost of capital is 9.8%, with an equity weighting of 97.4%. We now expect the operating margin to decrease from 13.6% in 2015 to 9.3% in 2021, as a result of increased contribution from the lower-margin spo...
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