YOUNGOR Will Achieve A Cash Flow Balance Of &Nbsp; The Financial Investment Plan Will Shrink.
Youngor
In April 20th, the shareholders' meeting and the brand clothing exchange meeting were held to communicate with investors about the company's present situation and development strategy.
The company once again made clear the strategy of focusing on the development of the main brand clothing industry; the real estate business is subject to macro regulation and control; the 2012 goal is to achieve cash flow balance.
Finance
Investment business plans are gradually shrinking.
The company's quarterly report fell sharply over the past year due to a sharp decrease in investment income, and short-term share prices may be under pressure.
We are still optimistic about the long-term development of the company, the overall valuation is still low, and maintain long-term recommendation.
Reason
The company will further concentrate on the brand clothing industry with high valuation, actively shrink the textile and garment export OEM business; the real estate business must first stabilize in recent years' strict regulation and control, and achieve the cash flow balance in 2012. The future direction of development depends on the policy direction of the new government; the financial investment business will gradually reduce investment, but will not withdraw completely.
And the company believes that the separation of real estate and financial investment business is more conducive to the development of the company and the interests of shareholders, but the separation is subject to the existing regulatory regulations and can not be implemented.
We expect a quarterly decline of nearly 40%, mainly because financial investment and real estate business 1Q12 almost will not contribute to net profit, while 1Q11 financial investment business.
Net profit
It's 250 million yuan.
The brand clothing business is developing steadily. The company expects sales revenue to achieve annual 15~20% growth for a long time. In the short term, due to the renovation and depreciation of new stores, business leverage will not be significantly improved, but its own stores enhance the long-term value of the company.
GY and Hart Schaffner Marx brand began to develop rapidly. From this year, we began to strengthen franchisees to increase their growth rate and nearly double their planned revenue.
The estimated net profit is 2012 yuan, and the net operating profit per share in 2013 is 0.81 yuan and 1.26 yuan respectively.
We calculate the total NAV of the branch to reach 12.93 yuan, which is 30% higher than the current stock price.
4% of the dividend yield is at a high level in A shares.
Maintain recommendation.
The sale of risky real estate business is not as good as expected.
Fluctuations in financial asset returns.
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