Hundred Round Pants Industry High Price Acquisition Global Easy To Buy

A shares rare electricity supplier, not to mention cross-border electricity providers. And live in clothing The industry's 100 round pants industry recently announced the acquisition of universal Tesco. On the day of the restructuring plan, some large brokerage analysts began sending information to the agencies, saying that they were optimistic about global Tesco, and the stock price of the hundred round pants industry also kept trading on the two trading day for a long time.

However, the global valuation of Tesco is too high and the leading enterprises of cross-border electricity providers are also having difficulties.

　　 Alleged overvaluation

The hundred round pants industry bought around the world at about 1 billion of the price, most of the domestic analysts optimistic. But in a Shenzhen insider who understands similar cross-border electricity providers, the valuation of the acquisition is not cheap.

According to the information disclosed by the 100 round trousers industry, on March 31, 2014, the net book value of Shenzhen world Tesco Agel Ecommerce Ltd was 73 million 365 thousand and 500 yuan. On the basis of continuing operation, the net assets (shareholders' equity) value was assessed at 1 billion 45 million 490 thousand yuan and the appreciation rate was 1325.04%.

"The valuation is high. In 2013, the profit of global Tesco was around thirty million, which sold 1 billion, which is equivalent to 33 times the price earnings ratio, which is not to buy stocks." the above industry insiders in Shenzhen said that in general, such acquisitions are the two sides of the transaction to talk about a good price first, and the appraiser will make the plan according to the price, so the evaluation report can not be taken seriously.

In fact, in cross-border electricity business, the company that is comparable with Tesco is obviously not the vip.com and Amazon that analysts say.

In cross-border electricity business, it is felt that the market share of the listed companies in the United States, the DX listed in Hongkong, and the world's best buy are most comparable.

Focus on foreign trade B2C electric business research institutions "quite honey media" has been specialized in Lanting Pavilion collection, Yi Bao, global easy to buy and other enterprises in the industry to compare, the whole industry by the composition of the organization, for the global Tesco evaluation, seems to be no more than Lanting Pavilion gathering potential, Yi Bao high.

It is considered that global shopping is not the same as DX (Yi Bao) or Lanting Pavilion. First, the popularity of Everbuying is far from DX and lightinthebox, and orders processing, customer support and supply chain seem to need improvement. On the whole, global Tesco gives people the impression that it has been imitating and never surpassing. Facebook marketing draws on Lanting Pavilion, and the website product line draws on DX.

In fact, in the domestic cross-border electricity supplier industry, the global Tesco is not only in many respects less than Lanting Pavilion and Yi Bao International, in the eyes of the industry, global Tesco is not the absolute leader of the industry.

A few days ago, Southern China's largest B2B e-commerce platform gold rush CEO to Juan said: "some domestic professional foreign trade e-commerce websites have sprung up, become the main force to promote the transformation of small and medium-sized foreign trade enterprises in China, and the representative is Lanting Pavilion gathering potential, Dunhuang net, Yi Tang net and so on." The first thing people in the industry thought of was not global Tesco, but the well-known Lanting Pavilion and Dunhuang.

　　 Cross border electricity providers look beautiful.

Compared with the famous cross-border electricity providers such as Lanting Pavilion and Yi Bao (DX), the valuation of Tesco is even more expensive.

The first share of cross-border electricity suppliers, Lanting Pavilion's revenue in 2012, was 200 million US dollars, and its revenue in 2013 was US $290 million. After the listing last year, it doubled and doubled. After that, it only dropped 283 million US dollars, or 1 billion 700 million yuan.

From the performance perspective, the 2013 world Tesco's revenue capability is only 1/4 of Lanting Pavilion's potential, but its valuation has reached more than half of Lanting Pavilion's potential.

In 2011, foreign trade B2C website DX was listed on the shell of Yi Bao, and the stock market in Hongkong was stir fried. In the first quarter of 2011, the share price was once more than HK $1.5. In the second half of 2011, when DX was successfully injected into Yi Bao, the price of Yi Bao was near HK $1.1, its market value was about HK $5 billion 600 million (about US $720 million), but the stock price began to decline in 2012. Price of stock Only HK $0.16, with a market capitalization of only about $100 million, and the turnover was light and reduced to "penny stocks".

Whether it is Yi Bao or Lanting Pavilion, it is hard for us now.

At the early stage of DX listing in Hong Kong, the three or four quarter revenue in 2011 was 355 million and HK $398 million respectively, which is the best record of company performance. However, in the first quarter and the second quarter of 2012, the growth of DX revenue began to be weak. In the third quarter and fourth quarter of 2012, there was a continuous decline in revenue and a sharp drop in profit margins.

Similarly, the Lanting Pavilion gathered by many domestic investors is also faced with changes in performance soon after the listing. In the first quarter of 2014, Lanting Pavilion reported a net loss of $9 million 200 thousand, compared with a net profit of $2 million 600 thousand in the same period last year, with a gap of 11 million 800 thousand US dollars.

An industry insider said cross-border Online retailers It seems that "money road" is unlimited, but there are not many real money making, many are fighting price wars, big brands haven't made much money, and small and medium-sized brands have been eaten. Because cross-border electricity providers involve cross market, cross national, cross cultural, cross customs issues, which seriously limits the efficiency of e-commerce, thus doubling the cost of e-commerce transactions.