BELLE International Recent High Frustration, While Buying Low
China's consumption data was weak in April.
Belle International
(1880) 13% from the recent high position, while buying low.
BELLE International (1880, $13.34) has fallen 13% since the beginning of May, due to the weak retail sales figures released recently in April.
Comment: China's retail sales in April increased by 14.1% year on year, compared with 15.2% in March and 1 in February and 14.7% in February.
However, according to the classification, the retail sales of clothing and footwear increased by 19.5% in April, while the retail sales in March and 1 and February increased by 19.4% and 12.8% respectively. This is precisely the reflection of the strong sales month in the shoe market. The support is that BELLE's same store sales growth has been bottomed out in the first quarter (the sales of footwear and sportswear in the first quarter are up by 2.8% and 2.4% respectively), and the sales situation of the company will gradually recover in the second quarter, because there will be more policies to stimulate domestic consumption in the future.
Our bank maintains that BELLE's same store sales growth expectations remain unchanged this year.
footwear
The same store sales growth of sportswear and sports apparel increased by 8% and 1% respectively, while the profit forecasts for the company's 2012 and 2013 were 4 billion 897 million yuan (earnings per share of 0.58 yuan) and 5 billion 966 million yuan (earnings per share of 0.71 yuan), that is, the compound growth rate of earnings per share from 2011 to 2013 was 18%.
The current price is equivalent to 19 times 2012 and 15 times the 2013 price earnings ratio. The bank believes that BELLE's valuation is not expensive in terms of its leading position in the domestic footwear industry and its steady track record.
The recent fall in share prices has brought opportunities for long-term investors to buy.
The rating is raised from holding to buying, and the target price remains unchanged at 15.4 yuan, equivalent to 18 times earnings in 2013.
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