Domestic Footwear Market Growth Prospects Favored By Investment Banks
January 24th, Credit Suisse looks good at mainland footwear
market
It is expected that there will be an ideal growth in the footwear consumption in the mainland, because the average per capita consumption of footwear in the mainland is still low. In 2010, the average person would only buy 2 pairs of shoes; if 2015, the mainland people would buy 1 pairs a year.
leather shoes
The whole shoe market.
consumption
The amount will increase to 300 billion yuan, a compound annual growth of 15%.
In fact, during the period from 2005 to 2009, the annual average annual growth of the average annual consumption of footwear in the mainland cities was 14.8%, which was higher than the 11.3% year compound growth rate of the whole consumer goods, reflecting that mainland consumers were more willing to spend money on footwear.
With the increase of inland income and urbanization, Credit Suisse expects that the growth of middle and upper class women's shoes will accelerate, and the growth is expected to increase by 20%. Therefore, BELLE will directly benefit from the 33% market share of the middle and upper class women's shoes.
Credit Suisse expects BELLE's retail sales of footwear from 2010 to 2015, which can record annual compound growth of 22%. In addition to benefiting from the rapid growth of women's shoes, its men's shoes are also potential for growth in the future.
BELLE men's shoes account for 2.2% of the middle and upper class men's shoes Market in the mainland, and have already entered the second best selling brand in the mainland.
Credit Suisse points out that BELLE's possible future mergers and acquisitions and the issuance of special dividends are all catalysts for driving up share prices.
In terms of risk factors, market competition is more intense than expected.
Credit Suisse predicts BELLE's profit attributable to shareholders in 2010, 2011 and 2012 will increase by 39%, 25% and 20% respectively.
The price of Credit Suisse to BELLE is 16.9 yuan, equivalent to PE27.8 times 2011.
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