Shoe Industry Will See A Rally Next Year.

December 22nd, according to Hong Kong media reports, summarizing the second half of this year.

Looking back from the second half of this year to yesterday, BELLE,

Looking forward to the future investment prospects, the Bank of XinDa recommends XinDa, the target price is 6.69 yuan, the potential increase is about 51.36%; Goldman Sachs is optimistic about the target price of the company, 18.5 yuan, and the potential increase is about 41.44%.

Revenue growth and sales of footwear

In terms of industry prospects, the report of the Bank of China International believes that the growth of mainland residents' income is expected to lead to sales of footwear. The report said that by 2013, there will be a conservative estimate that 80% of the urban population will earn more than 3000 dollars in the mainland, thus becoming a target customer base for upgrading the consumer market, and the market capacity of medium to high grade brand will be greatly improved.

Brand footwear enterprises that meet the concept of consumption upgrading will benefit from the huge expansion of market capacity.

In terms of stocks, the Bank International recommends XinDa and BELLE.

According to the report, the number of XinDa stores and the base of sales are much lower than those of the same industry, and the profit in the next three years will be the largest.

The current valuation level of XinDa is 12.9 times that of the forecast fiscal year in 2012, and the target price of 6.69 yuan is 20 times that of the forecast fiscal year in 2012.

As for the industry leader BELLE, the report of Bank of Communications International believes that BELLE's current forecast of the 2011 fiscal year's earnings is 24.7 times higher in the industry.

However, the competitive advantage of BELLE, which is built by multi brand and wide coverage, is difficult to be duplicated. Reasonable valuation should be higher than the average level of the industry. Therefore, the target price of 17.67 yuan is corresponding to the 30 price earnings ratio forecast for the 2011 fiscal year.

BELLE rent increases

BELLE is also optimistic about Citigroup, Credit Suisse, Goldman Sachs and other ghosts. Goldman Sachs reported earlier this month that BELLE International (market, information, commentary) predicted earnings per share of 3% in fiscal year 2011, reflecting the same sales growth momentum and shop expansion this year than expected. Based on the 2011 P / E ratio of 28 times, the target price was raised from 18 yuan to 18.5 yuan, and the rating reiterated "buy in". As for the recent stock price weakness or the profit at the end of the year, the long-term stock price will reflect the real value.

Credit Suisse gave BELLE a target price of 16.9 yuan, on the grounds that BELLE's rental bargaining power was improved, leather costs were stable, sports shoes provided higher profits, and new production lines could reduce labour costs. The company had limited pressure on gross margins, and became the initial stage of footwear sales in the mainland, providing favorable conditions for future valuation premium, and the bank maintained BELLE's "win win market" rating.

Bank: Nine gross margin to see rise

Nine Hing, the Bank of China International and Goldman Sachs gave their target price of 18.66 yuan and 18.3 yuan respectively. Among them, the target price of Bank of China is equivalent to 13 times of the price earnings ratio forecast in the fiscal year of 2011. The reasons include a strong recovery in production business, an increase in the average unit price over the forecast, the group's export business prospects begin to be clear, and the high-end business will continue to raise the gross profit margin.

As for the fund's love for Daphne, the best seller has Standard Chartered securities, which gives Daphne a target price of 10.89 yuan. Standard Chartered believes that Daphne is benefiting from the urbanization process in the mainland. Although the profit growth in the first half is blocked, it is expected that the same store sales will pick up in the second half of the year.

Catalyst for the second half of the performance of the brand rebound; shoe cabinet figures continued to rise.

The bank has confidence in its core earnings composite growth of 24% between 2009 and 2012.

Daphne yesterday closed at 7.54 yuan.

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Goldman Sachs first gave Daphne a "neutral" investment rating, on the grounds of new penetration of new stores and expansion of new brand portfolios, believing that companies were sitting on growth opportunities, but at the same time, Maori faced pressure as core Daphne brand sales grew by only 5% this year, while store rents usually rose 10% annually.

Goldman Sachs is expected to be dragged down by the increase in rents and the cost of warrants. The market consensus fell to a target price of 9.8 yuan, which is equivalent to a forecast of 2011 times earnings in the 2011 fiscal year.