Casual Wear Declined, Semir Apparel Plummeted 8.7%

< p > > since the end of May, the Semir a target= "_blank" href= "http://www.91se91.com/" > dress < /a > has been announced recently. It intends to purchase 71% stake in Ningbo zhe Mu hang Holding Company Limited with its own funds to Zhejiang Zhong zhe Holding Group Co., Ltd. and 5 natural persons. The paction volume is estimated to be between 1 billion 980 million yuan and 2 billion 260 million yuan.

Despite the optimism, investors still vote on their feet.

Semir clothing 19 days after resumption, two consecutive days of setback, yesterday, the stock fell in the middle of the market, to close 8.70% down 21 yuan.

On the 19 day of the 6.77% decline, Semir apparel two trading days totaled 14.88% down, evaporating the market value of 2 billion 459 million yuan.

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< p > < strong > purchase price is high < /strong > < /p >.

< p > this paction is the first merger and acquisition of Semir apparel after its listing, and it also set the highest record of 2013 a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > the amount of mergers and acquisitions.

Data show that zhe Mu Shang has developed 2 high-end high-end urban youth men's wear brands GXG, gxg.jeans and a children's wear brand, the top two stores total about 1200.

In 2012, the total assets were 1 billion 327 million yuan, total liabilities 1 billion 55 million yuan, net assets 272 million yuan, operating income 1 billion 398 million yuan, operating profit 260 million yuan, net profit 206 million yuan.

According to this calculation, the total equity value of zhe Mu Shang is nearly 3 billion yuan, which is 10.25 to 11.70 times corresponding to the net market share.

But in the A share market, the total market capitalization of the birds is only about 3 billion 600 million yuan, but its net profit last year reached 470 million yuan.

At present, A shares 3 "casual fast fashion" clothing listed companies, namely Semir clothing, search in special, Mei Bang clothing, the highest market rate is only 3.29 times.

As a non-listed company, why is the valuation of China zhe Mu Shang much higher than that of listed companies? < /p >

Zhang Jian, executive general manager of CITIC Securities, who bought this operation, said that zhe Mu still promised that the net profit in 2013 would not be less than 265 million yuan; in 2014 and 2015, the compound growth rate of net profit was no less than 20%, which means that the acquisition was 20 times earnings per share and 10 times, 7-8 times next year and the following year.

After the acquisition, Semir apparel net profit increased by 27%.

However, the purchase price of 2 billion yuan, and the 10 times of the purchase market price, still can not convince investors, which led to a sharp fall in Semir apparel prices.

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< p > < strong > leisure wear business downturn < /strong > < /p >

< p > people familiar with the matter said that although GXG has done a good job in the past few years, it has been going downhill in the past two years.

Semir clothing announcements also admitted: "zhe Zai Mu main business is affected by many factors such as macroeconomy, market demand, market competition and so on, and its continuous profitability has the risk of falling. There is an uncertain risk of the impairment of goodwill formed by the company's Acquisition Premium."

Despite the promise of performance pledge in the acquisition of zhe mu, the net profit growth of -2015 in 2013 was no less than 28.6%, 20% and 20% respectively.

However, due to the fact that there are still some uncertainties in the field of fashion men's clothing industry, such as the improvement of industry competitiveness, brand awareness and the weak recovery stage of retail market, Zhong zhe Mu still has a relatively low net profit in the next three years, which accounts for a relatively low proportion of Semir's total clothing market. It is hard to sustain Semir's clothing in the short term.

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< p > Semir clothing 2012 annual report shows that the company's revenue and net profit fell by 8.98% and 37.81% respectively.

Zheng Hongwei, the company's secretaries, said the order for casual wear in 2013 will be flat, and the order for children's clothing business in autumn and winter will be about 10%.

In the first quarter of this year, Semir apparel realized its first positive revenue growth in the last 6 quarters, and its revenue increased by 6.26% over the same period last year.

However, the decline in gross margins and the rise in the cost rate have resulted in a drop of nearly 17% net profit.

"If the acquisition is completed, whether it can enter the high-end brand clothing business, Semir will also face a lot of integration problems."

An industry analysis.

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