Yuyuan Group Benefited From The Potential Increase Of 34% In The World Cup.
UBS issued a research report on the quadrennial World Cup held in South Africa. The bank selected 11 shares in the world that benefited most from the World Cup effect. The only one in Hong Kong was Yue Yuen Group, and gave it an investment rating of "buy" and a target price of 31 yuan, a potential increase of 34%.
UBS pointed out that Yuyuan is the world's largest brand footwear manufacturer, accounting for 17% of the market share in the sports shoes and casual shoes market. As an international brand such as Nike and Adidas, the huge market demand of the World Cup will bring more profit growth to Yuyuan; It is expected that Yuyuan has no financing pressure in the short term. The Group held cash of $1.1 billion in the first quarter, and only needs to pay $690 million before the end of 2011. There is no cash flow pressure.
UBS expects the revenue growth of Yuyuan to be 6%, 5% and 8% respectively from 2010 to 2012, due to the increased profit margin in the retail sector.
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