Will This Be The Tranquility Before Ke Eli Till'S Breakthrough?

Recently, a company frequently appeared on the buy back list. Although the amount of repurchase is not large, it is insisting that it has been repurchasing for two weeks.

This company is Shenzhen native.

enterprise

(03709).

According to the world clothing and shoe net, since June, the company has repurchased 12 times, and the total repurchase amount is 8 million 113 thousand shares, which accounts for 1.64% of the total share capital. The total repurchase amount is about 66 million 607 thousand and 800 Hong Kong dollars, and the average repurchase price is about 8.23 Hong Kong dollars.

Generally speaking, repurchase will become a catalyst for share price.

But Ke Eli Till seems to be an exception.

At present, its repurchase for nearly ten trading days has not yet played a driving role in the stock price.

This year, the stock price is almost in a horizontal state.

From the day before the repurchase, the closing price in June 7th to the close of June 23rd, the price of the shares increased only 0.2%.

But is this a calm for Ke Eli Till?

In the past two years, the growth rate slowed down, and share prices went downhill.

Statistics show that she was founded in 2007, mainly engaged in high-end women's clothing.

Promotion, marketing and sales business. Its products include dress, skirt, trousers and so on. Its own brands include Koradior, La Koradior and so on.

The group landed on the main board of the HKEx in 2014.

As of December 31, 2016, Ke Eli Till had 592 retail outlets in 29 provinces, autonomous regions and municipalities directly under the central government, of which 506 were directly operated by them, while the remaining 86 were operated by distributors.

However, at the end of 2013, the group had only 254 retail outlets.

Even though the 79 retail outlets that grew in 2016 due to the acquisition of women's brand Meng Dal, under the impact of physical retailing and many retail brands in a closed shop environment, Ke Eli Till's offline retail outlets still doubled in three years.

At the same time, from the past 5 years, the overall performance of the company has maintained a relatively high growth rate.

Its rapid growth in the number of shops is not just on the surface to enhance revenue.

From 2012 to 2016, the income of the company was increased from 485 million yuan (if not marked, the same below) to 1 billion 599 million, the compound annual growth rate was 34.75%, the gross profit margin increased from 62.79% to 72.14%, the profit attributable to shareholders increased from 27 million 812 thousand to 234 million, the compound annual growth rate was about 70.3%, and the net interest rate increased from 5.74% in 2012 to 14.6% in 2016.

However, it is undeniable that in the past two years, the growth rate of Ke Eli Till's performance has slowed down compared with the previous two years.

Its revenue growth in 2016 and 2015 was 24.5% and 23.94% respectively, compared with 47.69% in 2014.

The group's share price has also declined since June 2016.

Is repurchase a good signal?

This time, on the eve of the semi annual report, it is worth noticing that the company has repeatedly bought two dollars through real gold and silver.

After all, companies know best about their data and situations. Buyback is usually the best way to maximize profits.

Moreover, not only is Ke Eli Till recently, but consumer company such as L OCCITANE (00973) and Giordano (00709) have begun to buy back continuously.

Some analysts believe that if they only look at the static data, the valuation of these companies can only be reasonable and less expensive, but if a number of companies begin to do so, the sales data of consumer company may be better than expected.

Is it possible that Letil is like this? Maybe he can look at it from two aspects: Industry and enterprise.

From the industry perspective, the retail industry has been improving since 2017, and the industry has released a signal of recovery.

According to Shen Wan Hongyuan's textile and apparel industry weekly, in 2017 1-5, the total retail sales of consumer goods totaled 14 trillion and 300 billion yuan, an increase of 10.3% over the same period last year.

Among them, clothing, shoes and hats, needle and textile total retail sales of 594 billion 500 million yuan, an increase of 7.2% over the same period.

Looking at the data in May, clothing retail sales grew by 8.4% over the same period last year, while the growth rate dropped slightly from the previous month, but 15.6 percentage points faster than the same period last year.

From Ke Eli Till's own action, it is trying to expand the number of women's clothing brands.

In the first half of 2016, he released the 65% stake in Shenzhen's high-end women's clothing enterprise, Shenzhen City limited.

It is reported that the brand "CADIDL" of the brand has a history of nearly 20 years, targeting the 30-40 year old urban business women in the first and second tier cities.

The acquisition also opened the first step of the development strategy of the brand.

In March of this year, the brand of Shanghai's Codi, a subsidiary of the company, was purchased by the brand of "Obzee" and "O '2nd" for 64 million 540 thousand yuan.

After the paction is completed, the group can sell and sell the above two brand products in China before June 30, 2022.

In the long run, the way of brand acquisition can not only enrich its brand portfolio, integrate its sales channels, but also seek the epitaxial growth of its performance.

After all, the number of high-end shopping malls in China is limited. If only a single brand is made, the sales volume and the number of outlets can be found in the ceiling.

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Repurchase amount accounted for 94% of total turnover in June.

Although most of the repurchase is good news released by enterprises, Ke Eli Till investors still need to pay attention: as of June 23rd closing, the June turnover of the company was only HK $70 million 719 thousand and 400.

In this group, the group's repurchase amount accounted for 94.19%.

This means that the company itself is one of the few buyers in the market.

In fact, after entering 2017, the trade volume of the company was plunged into a downturn.

In January, the turnover was only HK $26 million 697 thousand, less than 1/3 in December 2016.

With the exception of June, the other months of the moon did not exceed January, or even a minimum of 3 million 911 thousand Hong Kong dollars a month.

In addition, Ke Eli Till had been warned by the Hongkong Securities Regulatory Commission for the high concentration of shares.

At that time, the announcement said that in view of the fact that Ke Eli Till shares were highly concentrated on a small number of shareholders, the stock price could fluctuate even if a small number of shares were traded. The SFC reminded shareholders and interested investors to act cautiously when buying and selling the shares of the company.

After that, the group responded.

According to its June 28, 2016 announcement, Ke Eli Till's top three shareholders were about Koradior Investment Limited holding about 300 million shares, accounting for 59.6%; Sisu Holdings Limited held 40 million 740 thousand shares, accounting for 8.08%; in addition, Fosun International Holdings 25 million 800 thousand shares, accounting for 5.12%.

The three agencies share about 367 million shares (72.8% of the issued shares).

In addition, 12 shareholders share about 1.13 shares, accounting for 4.85% of the issued shares.

Through the HKEx website, Ke Eli Till's shareholding structure is as follows: at present, Koradior Investment Limited holds about 300 million shares, accounting for 60.68%; Sisu Holdings Limited shares 40 million 740 thousand shares, accounting for 8.08%; in addition, Fosun international holding 25 million 800 thousand shares, accounting for 5.14%.

The total number of shares held by the three institutions accounted for 73.9% of the issued shares.

If the company's shares are further concentrated, along with the good sales data of the industry and the long selling of its stock prices, will the three big signals be the harbinger of the outbreak of the stock price? The release of the semi annual report will be a turning point. If there is any sign of volume enlargement, it will be an opportunity to arrive.

As of the end of June 23rd, the company was closed at HK $8.26, or 0.72%.

What a wonderful report, please pay attention to the world clothing shoes and hats net.