BELLE 1 Billion 600 Million Acquisition Of Jiangsu Mori Dachiko Company
Credit Suisse said that BELLE International (1880.HK) bought 5 subsidiary companies to Jiangsu's San Da for RMB 1 billion 600 million yuan, which will make it enter the market with higher profit men's shoes, but said the market size of men's shoes is not as good as that of women's shoes.
Added that the acquisition is favorable because the acquisition will expand the existing brand portfolio of BELLE international. Unlike earlier acquisitions of FILA and Mie Li, Jiangsu is a profitable brand. Assuming that the annual profit growth rate of Jiangsu's profit is 20%, the acquisition will increase BELLE's international profit by 5% in 2008.
Maintaining a neutral rating with a target price of HK $9.13; the stock has been suspended since Monday and was HK $11.80 before the suspension.
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