Semir Costumes: Expand Business Scope And Raise The Rate Of Return On Capital

< p > recently released the Research Report of Semir < a target= "_blank" href= "http://www.91se91.com/" > dress < /a >. As the industry competition intensified and terminal demand was sluggish, the company's existing leisure apparel business and children's wear business development met the ceiling.

But at the same time, when the company was listed, it raised more capital and got better financial condition.

Therefore, it is a reasonable choice for the company to extend the scope of business to casual men's clothing through the acquisition of zhe mu, which can effectively expand the scope of business and raise the rate of return on funds.

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< p > acquisition arrangement will help the stability and steady growth of zzm management team: after the acquisition, zhe Mu still retained some share interest of the original shareholders, which is conducive to the stability of the zhe management team.

At the same time, China zhe Mu's performance commitment growth clause in the next three years will contribute to the steady growth of the company's performance.

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< p > acquisition and valuation level is higher: the static P / E of this acquisition is slightly higher than that of A men's board, while the static market rate of the acquisition is significantly higher than that of the current A share.

It is not ruled out that after the completion of the acquisition, the company's consolidated balance sheet forms a larger amount of goodwill.

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< p > the paction is substantially thickening of the EPS of the company: assuming that the company starts from September 1, 2013 and assumes that the company will not further increase its holdings in the future, this paction is expected to increase the company's EPS in 2013 ~2015 to 0.06 yuan, 0.31 yuan and 0.37 yuan respectively.

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< p > after the completion of the acquisition, analysts expect the company's EPS from 2013 to 2015 to be 1.26 yuan, 1.52 yuan and 1.62 yuan respectively, and the corresponding corresponding price earnings ratios are 16.4X, 13.6X and 12.8X respectively.

For the first time, cover the company's "overweight" rating.

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