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发表于 2014-8-21 00:57:10
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Joeone Off shop continuation of multi-brand and O2O implementation co - moncler
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The company has been operating steady , healthier development in excellent , is amongst the listed firms inside the clothing superior fine management organization , has the ability to hedge unfavorable components, the threat is relatively low . Firms with powerful financial strength to assist suppliers seize opportunities when the sector lows , together with the acquisition of ways to enhance brand and solution layout , making new development point . We forecast 2014-2016 EPS have been 0.79 yuan , 0.88 yuan and 0.97 yuan , respectively, corresponding to PE 13.3X, 12.0X and 10.8X, the firm presently worth six billion , 1.7 billion of money on the account , only 4.two billion just after deducting , corresponding towards the valuation of less than ten times , to maintain the "recommended " rating . Investment Highlights : Off shop trends continue, the commercial genuine estate rents is critical : the provider closed shop final year, net 140 anticipated this year net closed about 100 shops , whether next year will continue to shut shop based on the commercial actual estate rents trend. As a result of present significant number of brands off shop home business to lag rent predicament started to appear, though rents have not been substantially decreased, but there have already been signs of loosening , in the event the commercial true estate rents drop off store trend is likely to become curbed . The organization went regarding the number of stores by the finish of 3100 , of which about 700 mall retailers Direct , joined about 800 mall stores , joining retailers about 1500 , accounting for about 20% Direct channels , accounting for approximately 34-36 % of sales ( including electricity supplier ) . Direct retail all round wellness , is expected to decline in the second quarter,moncler uk, revenue remains : As company-owned retail sales happen to be somewhat healthy overall , but inside the second quarter final year, sales fell by a massive margin , low base , we anticipate the company's second quarter sales have been flat or decrease a Direct digit growth , but the effect of declining sales because of join and closed shop , overall income inside the second quarter is anticipated to continue a downward trend . This year, the business actively adjust the system to enhance the linkage between joining and Direct concentrate concentrate resources towards good outcomes as quickly as you possibly can . Business channel inventory levels have already been fairly wholesome, a lot of stress , if you'd like to discount the speedy digestion of inventory may be achieved , however the provider desires to preserve brand reputation and involving control inventory to select a right balance point . Sales accounted for significantly less electrical energy supplier , September advance O2O floor : electricity supplier firm sales final year of about 1-2 million at present accounting continues to be low, sales of products primarily by means of the season inventory. O2O is presently accountable propelled by a devoted team , you first have to have to open up the franchisee 's inventory and inventory , reach inventory integration , and by means of the integration of standardized goods to try some internet and offline , is anticipated in September will pilot operations in one hundred shops. Acquisition of difference " wave willing " brand, improve the brand layout: The provider in April announcement, and He Bowen , Panru Ping agreement agreed initially by He Bowen , Panru Ping funded by " on Haitang Ya Clothes Co. " The acquisition of current " waves Ken " men's business and the corresponding useful product-related assets, personnel , and after that financed the acquisition by the company " on Haitang Ya clothes Co. " 100% stake. " Ken Lang " brand positioning high-end, installed having a fairly tiny minority of European brands, namely European style, Chinese clothes, highlight the Chinese components , using a specific brand differentiation, stand-up collar shirt priced at about 2000-3000 yuan. Ken Lang brand pants in tailoring, craft , fabric identified, is among the handful of cabinet may be individually opened pants brand within the high-end buying malls, the current sales volume of about one hundred million yuan , the number of retailers to about 80 . Upon completion of your acquisition , will help the firm boost the brand has accumulated knowledge in multi-brand operation , offer a basis for follow-up operations to other acquisitions . The advantages of each platforms and economic positive aspects, the acquisition agent to provide a brand new development point : the end in the initially quarter with 1.7 billion yuan currency funds , financial strength, and now comes the apparel market lows , as well as the IPO market place is limited, the emergence of low-cost project sources . We expect the company's future will be the platform edge by listed suppliers and monetary advantages in the business lows seize opportunities, mergers and acquisitions, proxy positioned fairly high , together with the formation of differentiated joeone complementary brands to enhance the company 's brand and solution layout , providing new profit development point. Risk Warning : The terminal consumption continues to slump , the franchisee self-confidence remains inside the doldrums . |
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