Semir Listed Topic Effect Set Off Shockwave

In March 11th,

The successful landing on the A share market took place on the same day as the Japanese earthquake.

In the global stock market crash caused by the earthquake, the topic of Semir clothing soliciting is: the first day of listing was broken, the opening price was 61.18 yuan, which was 8.69% lower than the issuing price of 67 yuan, ending at 62.11 yuan, or 7.30%, the whole day turnover rate was 21.68%.

In the event of special events affecting Semir's "hit the new" results, the outside world has many bright spots for investment.

Why is there a lot of speculation on the first day of listing?

Reporters in the process of tracking the interview found that the fact of the multifaceted nature of the IPO before and after the topic of the new and vigorous force to add investment gimmick.

At the time of press release, a total of more than 400 companies in the Shanghai and Shenzhen two cities announced annual reports. After a careful comparison of the earnings per share, the reporters found that in all the A share listed companies that have published annual reports, Semir apparel ranked 1.67 at the top of the list of listed textile and apparel companies.

Followed by the search for special, earnings per share of 1.47 yuan.

A total of 70 million shares were issued, offering a price of 67 yuan per share and a net investment of 4 billion 531 million yuan.

Semir apparel gained outstanding earnings from 1.14 yuan to 1.67 yuan per share, mainly due to the differentiated operation of Barbara and Semir brands, and the market share of Barbara and Semir.

The first and the second.

Differentiated positioning is obvious, the target customers are totally different, and Semir clothing chooses the promotion methods and marketing strategies suitable for brand positioning according to the consumption characteristics of children's clothing and casual wear.

in addition

It also benefited from the rapid expansion of the light assets model of "outsourcing + franchising".

2010

There are 6683 sales channels (of which 270 are direct and 6483 are joined).

The total sales revenue and profit in 2010 were 6 billion 287 million yuan and 1 billion 369 million yuan respectively, and the compound growth rate of total income and profit in 2007~2010 was 51.11% and 80.14% respectively.

The win win strategy of Semir apparel and franchisee has prompted franchisees to expand their stores rapidly and become the core driving force for the past few years.

Semir has adopted the two tier structure of the provincial (city) and county level franchise system. In 2010, the company had 1100 franchisees, including 614 franchisees. The franchisee accounted for 80% of the five years' cooperative relationship. 96% of the franchisees were in a profit state, and the proportion of franchisees' income was 92%.

Is the reason for this break due to overpriced?

Obviously not entirely.

It is understood that the price earnings ratio of Semir clothing is 67 times higher than that of the previous 70 times or even a hundredfold, and the corresponding price earnings ratio of the 67 yuan issue is 44.97 times, which is only at the intermediate level in the apparel industry listed companies, and there is no excessive situation.

As a matter of fact, during the period of inquiry purchase, the major brokerages showed their right.

Great confidence.

Most of the broker's analysis reports on the price of Semir clothing offer more than 67 yuan, and the price range of the Changjiang Securities is 67.76 to 79.86 yuan. The price range issued by the state Yuan Securities is 81.2 to 92.8 yuan. The reasonable value range of Haitong Securities is 68.1 to 79.5 yuan, which is enough to see that the price of Semir clothing still has much room for improvement, and market confidence remains the same.

But the result is Semir clothing listed on the first day of breakage, second days in the market rose slightly, Semir clothing fell 0.13 yuan, third days low to 61.73 yuan, the closing rose to 62.13 yuan.

Judging from the current competitive situation of the industry,

The situation is not ideal.

For example, Semir and domestic casual wear brands such as

And so on, in the target group, price and other aspects of the basic overlap, plus

And other international casual wear brands have taken root in the Chinese market, as well as a large number of domestic brands.

Manufacturers have launched leisure clothing products, resulting in the competition of casual wear in the second tier cities.

In the middle and high-end brands of children's wear market, the international children's wear brand has occupied a considerable market share. The domestic independent children's wear brands are mainly competing in the middle and low end market, resulting in a single brand's market share is not high.

Experts explained that

Apart from the result of the game between buyers and sellers in the market, there are two reasons for this breakage: first, because new shares have broken down frequently since the beginning of the year, small investors are unwilling to hold hands for a long time after the purchase is successful, so they usually choose to make a profit on the first day of listing, while institutional investors prefer the medium to long term effect and are not eager to cash in the cash, but adopt a strategy of bargain absorption.

Second, due to the large amount of new shares issued, once the capital market is facing too much pressure on financing and refinancing, it is easy to break the situation.

In January 24th,

When IPO applied for the meeting, there was media coverage of a Semir employee who claimed to have been away from Semir clothing and reported to all the tax authorities in the country, including the State Administration of Taxation, about $3 billion in tax evasion in 2003. More than 10 tax authorities have investigated the reports. "The journalist said that he was temporarily unable to disclose his identity to avoid being retaliated by the interests of the clients," he said. "He said he would leave the staff and report that he would continue to report."

However, the next day, the Commission announced Semir clothing IPO approval.

Is tax evasion report true?

Qiu Guang, chairman of Semir apparel company, said: "it is our competitors who are playing tricks. This is not the case."

He has been informed of the matter in the four seasons of 2010.

At that time, his first reaction was: "this is nothing at all, but it needs a process to get to know the truth."

According to the data provided by informants, the total tax evasion of Semir shares between 2003 and 2009 amounted to about 3 billion 174 million yuan.

According to Semir's dress balance sheet, the company's taxes payable in the first half of 2007 to 2010 are 13 million 316 thousand and 900 yuan, 61 million 18 thousand and 800 yuan, 116 million 524 thousand and 600 yuan and 32 million 147 thousand and 100 yuan respectively.

Even if the tax payable fee is the highest in 2009, it will be calculated at 116 million 500 thousand in the year 2003. The 7 years from 2003 to 2009 should be paid more than 800 million yuan.

When reporting to the media and tax authorities, the report is assumed to be "strong".

In this regard, Qiu Guang and said: "do you know what is" strong "? My son is called" strong. "

Qiu Guang and his son, named Qiu Jianqiang, have just held the post of president in Semir, holding 15% of Semir group's stake.

"We Semir will accept the supervision of the society, but the report is a malicious report on the fabricated thing, we do not want to get into a meaningless dispute."

In addition, Semir clothing has also created some of the most listed textile and apparel companies. The sales of children's clothing brand Barbara reached 2253 nationwide, and the Barbara brand is the largest brand of children's clothing in China.

Semir apparel prospectus said that Semir clothing will strive to become China's first, the world's leading multi brand apparel group.