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Semir Clothing Holding 5 Billion Yuan Cash To Inventory Pressure Is Not Small.

2013/6/30 20:49:00 31

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Which company in the textile and garment industry has the most capital at hand? p

the answer is Semir costumes.

Because of the 5 billion yuan of money at hand, the company's recent acquisition of 71% stake in the company "GXG" will be adopted in the form of cash acquisition, estimated at 1 billion 980 million ~22.6 billion yuan.

that is to say, even after the acquisition is completed, Semir still has about 3 billion yuan of money on hand.

Reporters learned that the clothing industry continued to maintain a downturn, high inventory situation.

And the industry downturn is often a good time for mergers and acquisitions. This acquisition is only a step in Semir's acquisition, and there will be more M & A plans in the future.

Less than P, it is worth noting that Semir's recent performance is far behind that of another casual clothing company due to its high inventory in recent years.

acquisition of GXG has different opinions. /p >

coincides with the weak market. Semir's acquisition plan has caused a series of decline in the market.

June 19th, Semir clothing announced that the paction amount of zhe Mu's 71% equity interest in the acquisition is expected to be 1 billion 980 million ~22.6 billion yuan. Based on this calculation, the price of 100% stake in zhe Mu Mu is priced at 2 billion 789 million ~31.83 billion yuan.

By the end of 2012, the net assets of zhe Mu Shang were 272 million yuan, and the expected premium rate was 1025%~1170%.

"P >" news "announcement, Semir clothing immediately suffered a sharp decline, showing that the market for this merger event is full of doubts.

The share price of Semir apparel has rebounded this week.

it is understood that after the acquisition, zhe Mu is still a subsidiary of the company. Zhe Zai Shang has three brands of "GXG", "gxg.jeans" and "gxg.kids". It is located in the middle and high-end men's clothing brand and children's clothing. In 2012, the company's sales scale was nearly 3 billion, the net profit was 206 million yuan, and the number of stores was about 1200, which was mainly distributed in fashion department stores and shopping centers.

for the acquisition, the market is mixed. /p >

"P >" although the acquisition of Ningbo zhe Mu sang Holdings Limited helps to improve the layout of products and channels, the GXG brand of the company is a foreign gold plated fake foreign brand, which makes consumers mistaken for high-end clothing brands in France, and the essence is local clothing companies.

The purchase price of Semir is too high, too aggressive, it is a worthless deal. "

Zhu Qinghua, a light industry researcher at CIC, said.

Zhao Huan, chief economist of the financial industry, said that the merger and acquisition of GXG will help to enhance the overall brand image of the company. The two sides have strong complementarity. With the gradual clearance of the company's inventory, the growth of Semir's clothing earnings in the second half of 2013 will be expected to be better than that in 2012.

And the integration of the company after the acquisition will also affect the performance of Semir clothing, optimistic about the future development of the company, with medium and long-term investment value.

holding 5 billion yuan of funds

it is worth noticing that at present, the market is at the time of "money shortage", while Semir clothing has chosen to purchase cash in cash this time.

In contrast, many listed companies on the market are short of money and pledge stocks.

in the first quarter of this year, the company has a monetary fund of up to 5 billion 110 million yuan, and the company has much higher monetary capital than its counterparts in the United States and the United States.

up to the first quarter of this year, the monetary funds of the two companies were 1 billion 410 million yuan and 1 billion 117 million yuan respectively.

As a matter of fact, the amount of money in Semir clothing is "unique" in the entire textile and garment sector, far more than YOUNGOR ranked second.

In the first quarter of strong >, the monetary fund of YOUNGOR was 3 billion 161 million yuan /p >

it is understood that the reason why Semir apparel funds are so abundant is mainly due to its IPO choice time point.

IPO was hot in 2011, and when Semir went public this year, it raised a lot of money.

It is understood that Semir clothing was expected to raise funds 2 billion 56 million yuan, while the actual fund-raising of 4 billion 690 million yuan, over raised funds of 2 billion 634 million yuan.

"Semir has a lot of money on hand, which is a great advantage in its development. Especially now the market of textile and apparel is not good enough. If there is sufficient capital at this time, there may be some opportunity to buy some cheaper items. Of course, there are lots of risks in purchasing, and it depends on the synergy effect."

Some analysts in Shanghai think.

Zhu Qinghua said in an interview with our newspaper reporters that many enterprises were undertaking mergers and acquisitions in the economic downturn to improve the concentration of the industry so that they could play a big role in economic recovery.

But at present, the overall economy is sluggish, the textile and garment industry has a high correlation with the economic cycle, and it may take longer to recover from the economic recovery, so the prospect of corporate mergers and acquisitions is not yet known.

reporter has learned that for Semir, this merger and acquisition event is only a step in the merger and acquisition of the company, and then there will be more M & A events.

Because even paying 2 billion yuan for the acquisition of GXG, the company still has about 3 billion yuan on hand.

it is understood that in addition to zhe Mu Shang, Semir apparel is also communicating with other companies in mergers and acquisitions.

Zhang Lihua, a national securities analyst, said in his research report that it is foreseeable that Future Ltd's M & A activities will increase and its categories will be more complete. The company is developing towards the direction of multi brand apparel group.

in fact, the company has previously indicated that it should actively develop new businesses in various modes of cooperation such as agency, investment and merger, and implement multi brand strategy.

The future goal is to create multi brand channel integrated apparel group.

At present, the funds on the company can really win more M & A opportunities for them.

However, Semir's recent poor performance is far worse than its peers' performance. The net profit growth rates of the two companies in the first quarter of this year are -16.79% and 43.07% respectively.

it is understood that Semir positioned the two or three line city, and located in the three or four line city.

In recent years, the consumption capacity of the three or four tier cities has been gradually improved, while the competition in the two or three tier cities is too intense.

the inventory pressure is not less than /p >

in addition, there are also people in the industry who suspect that Semir had pressed goods to dealers in order to be listed on the market, and the indicators were in recovery.

despite the recent easing of inventory pressure, Semir's inventory pressure is still small when the textile and apparel industry is still in the doldrums.

In the first quarter of this year, the company's inventory was 936 million yuan.

"P >" Semir clothing is one of the leading enterprises in the domestic casual clothing industry. However, since its listing, the stock price has dropped all the way, from the highest point of 62.58 yuan to the current 20 yuan.

The overall overfall is serious. At the same time, from the technical indicators, the short term has also been close to the strong support area below, so the short-term stock market will soon have a higher probability of a rally, suggesting that investors can give active attention to it.

Zhao Huan said.