A Shares Successfully Listed High Valuation Cited Industry Controversy

It was successfully listed on the Shanghai Stock Exchange and became the first women's clothing listed company in Shanghai in 2015.

In terms of women's clothing industry, the average dynamic P / E ratio of H shares is 22 times, not only much lower than that of A shares, but also lower than that of A shares.

32 times the dynamic P / E ratio.

However, at the same time of overestimating the value, the high value of the song also brought the industry's doubts: at present, the overall garment industry is not very prosperous. Is the valuation of Gao's high? If we turn our attention to the Hong Kong stock market, we will find two places.

The valuation of the listed companies is quite different. According to the A share, the valuation of women's wear and Hong Kong stocks may be underestimated.

In 2012, he announced the plan to declare IPO and officially opened the road of listing.

After waiting for three years, she finally appeared in A shares in the 2015 "A first female dress listed company".

On the day of listing, he even changed the old routine of ringing the bell. He boldly took the Shanghai stock exchange as a T platform, and did a spring and summer fashion show.

In fact, in her prospectus and many other occasions, she said that the company is located in the high-end women's clothing market, which is different from the small and medium-sized women's clothing enterprises in China.

From the point of issue price, it is 19.16 yuan, compared with previous clothing companies.

The high priced song is indeed good in business performance. In 2014, its revenue reached 744 million yuan, and its net profit reached 181 million yuan.

Last year's performance in the same industry, such as the long group, Baozi, Mu Shi international, and Vigna S, was less than that of the group.

From the valuation point of view, the current dynamic price earnings ratio of the group has reached 55 times. According to incomplete statistics from the Securities Times reporter, the average dynamic P / E ratio of the A share textile and garment industry is 32 times.

The industry said, "as a new stock, and has a certain scarcity of women's clothing theme, the share price soaring after listing is reasonable and reasonable, in line with the A share investment environment.

In addition, as high-end women's clothing, the profit level and brand premium are higher than the general clothing industry, such as sports, leisure and other low-end companies, reflected in the investment level is the difference between price earnings ratio.

It is also supported by the fact that the dynamic price earnings ratio of the high-end women's dress is also 64 and 38 times higher than that of Vigna S.

Women's clothing, H-share value, repair space

In fact, the high valuation of George's is also related to the overall market environment of A shares.

Only on

For the plate, valuation differences between A shares and H-shares have attracted the attention of investors.

According to Haitong Securities Research Report data, A shares and H-share clothing plate valuation discount level is very great, there is the value of repair and return space.

As of April this year, the average dynamic P / E ratios of sports, shoes, men's wear, women's wear and leisure listed companies were 72, 80, 79, 52 and 83 times respectively, while the corresponding indexes of A share were 10, 16, 15, 22 and 35 times respectively.

In terms of women's clothing industry, the average dynamic P / E ratio of the H-share board is 22 times, not only much lower than that of the similar A share companies, but also 32 times the dynamic P / E ratio of the A general textile and garment industry.

In the Hong Kong stock company, the dynamic P / E ratio of Baozi and La Natsu Bell is only 22 and 11 times, and the relative valuations are relatively low only for Ke Eli Till. The dynamic P / E ratio is 30 times.

It should be noted that the high-end women's clothing, like Ke Eli Till, is also located in Shenzhen. It is also not long before the listing of the company from Hongkong. In June 27, 2014, the company listed on the main board of the Hong Kong stock exchange, issuing 125 million shares, issuing HK $4.2 per share, closing 90% on the first day of the listing, and maintaining at HK $9.5.

An investment bank in Hongkong told the Securities Times reporter: "the main reason for the difference between the two valuations is that the market investment styles are quite different, the Hong Kong stocks are partial to the fundamentals, and the mainland market values growth and theme.

In addition, the liquidity demand of the two places is also different.

With the expectation of Shenzhen and Hong Kong Exchanges, the valuation level of Hong Kong stocks will be restored after the capital has gone south.