Shoe Sales Were Weak, Daphne Lost 13%

< p > China's economic growth slows down, and the domestic market is the first to bear the brunt. Many a href= "http://www.91se91.com/news/index_x.asp" shoes shares < /a > have released frightening data.

Daphne's (00210) target price was 60%, dragging down its stock price by more than 10%, and criticizing BELLE International (01880) for its strategic error and losing its pricing power.

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< p style= "text-align: center" > img align= "center" border= "0" alt= "src=" /uploadimages/201307/13/20130713090543_sj.JPG "/" < < >.

< p > Daphne's sales in the same quarter dropped nearly 14% in the second quarter, and the profit police reported a significant decline in the first half of the year.

JP Morgan said Daphne was concerned about the risk of overstock. Overstock in the summer would affect sales and gross profit margins in the second half of the year. It is expected that the gross profit margin of EBIT will be narrowed by 340 basis points in the second half of this year.

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< p > Morgan lowered the Daphne rating to "reduction". The target price was reduced by more than 30%, from 6.8 yuan to 4.7 yuan, while the profit forecast for 2013 to 2015 decreased by 19.8%, 22.1% and 23.5%.

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< p > > Nomura is much weaker. It is expected that Daphne will be affected by e-commerce. If necessary, sales will drag on average sales, and active publicity activities in the second quarter will also increase spending.

The bank intensified the target price of Daphne to 65% to 3.8 yuan, and the rating dropped from "neutral" to "reduction".

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< p > in addition, the "shoe king" a href= "http://www.91se91.com/business/" > BELLE < /a > has been released from the worst quarter since the 08 financial tsunami. UBS issued a research report and questioned BELLE's big sale strategy. Although the sale or sale helped, the profit margin was also declining.

In the first quarter, Daphne's same store sales fell 2.5%, down from expectations, and the same quarter sales growth in the second quarter is still hard to see.

Bank of America Merrill Lynch expects Daphne's performance in the second half of this year to improve. It is expected that demand will recover. Gross profit will gradually improve under the policy of "reducing prices".

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"P > UBS recently inspected BELLE shops, and its products failed to be sold at current prices, offering a substantial discount of 35% to 40%. BELLE is believed to permanently lose its pricing power and maintain the" sell "rating, with a target price of 8 yuan.

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< p > shoes share sales were weak, and related shares fell. < a href= "http://www.91se91.com/news/index_s.asp" > Daphne < /a > once dropped nearly 17% to 4.8 yuan low, and closed at 5.02 yuan, still dropping nearly 13%.

BELLE hit the highest level of 12.12 yuan a day, and then dropped to the bottom of the market, down 11.18 yuan, or 0.2%.

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