BELLE Shoe Industry To Increase Brand And Enhance Profitability
Last week, the Bank of America reduced its Construction Bank (0939). The market generally interpreted that the US bank was only selling profitable investments to cash in to replenish its own capital. But Li Jiacheng's reduction in Bank of China (3988) caused speculation, because investors had a fresh memory of Li Jiacheng's selling shares of China Ocean (1919), China Shipping (2866) and South China Airlines (1055) at 07 years.
Li Jiacheng's reduction may be purely a restructuring and balancing of investment portfolios. It may also be the early shipment of the Royal Bank of Scotland before the sale of shares, or the prospect of the Bank of China. It is more likely that the above three factors will be combined.
Looking forward to this week, Hong Kong stocks rose from the end of October and the investment climate has been hit by these events. Hong Kong stocks are expected to be soft again.
Stock recommendation: China Shenhua (1088) has a higher proportion of contract coal sales, although Shenhua benefits less while the price of coal is rising.
The price of coal in the mainland is under pressure, but it is expected that Shenhua will still be able to raise the contract price in 09 years, because the contract price of Shenhua is still far below the spot price.
In addition, Shenhua's power business can provide stable profit and cash flow for the group.
BELLE International (1880) net profit fell 1.4% to 990 million yuan in the first half of 08 years. If the special item is excluded, the current profit growth is 38% to 954 million RMB.
BELLE's leading position in women's shoes market has strong brand positioning and good supply chain management. Its huge brand portfolio can bring lasting growth and reduce the risk of single brand, and new brands can promote sales and profit growth in the long run.
Benefiting from economies of scale, BELLE's profit margin is expected to improve, and its 09 year performance will benefit from the new store's profit contribution from 08 years.
Editor: vivi
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