Analyst Research Report Snapshot


Belle International (1880 HK, HK$9.32, OP): Maintain Outperform




KGI Greater China


25 Feb 2014





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2013 results broadly in line 2013 net income up 3.2%, slightly above our forecast and consensus as gross margin beat our projection Sales outlook sluggish; company guides low single digit SSSG and targets 1,000 new stores in 2014 2014F & 2015F earnings cut 2% on slower sales growth and higher opex, though gross margin improving; 12M target price remains HK$11.00; maintain Outperform Though sales continue to slow, we like Belle’s strong market position and ability to retain margins and positive earnings growth in a sluggish retail environment. We continue to believe the worst is over for Belle, and think the company will maintain slow but steady growth in the next couple of years. We reiterate our 12M target price at HK$11.00 on 15x our 2014F EPS. Maintain Outperform.

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