Analyst Research Report Snapshot

Title:

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

Price:

$58.00

Provider:

KGI Greater China

Date:

25 Feb 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

1880.HK

Available for Immediate Download
Summary:

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.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.