Is A'S Brand Clothing Industry Also Showing Signs Of Recovery?

Listed in Hongkong second

The fast selling of the parent company recently released the first quarter of fiscal year 2018 (2017/9/1-2017/11/30) earnings, and overseas UNIQLO income exceeded Japan's UNIQLO for the first time, and the performance in the Greater China region was strong.

According to the world clothing and shoe net, it has been listed in Hong Kong since the second half of 2017.

Brand China

And Giordano international continue to buy back shares, stock prices from the bottom began to advance two back to the same type of uplift.

At the beginning of the year, some of the controlling shareholders of brand clothing enterprises listed on A shares began to increase their holdings.

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Before the repurchase, and the fast track sales performance, will the performance of Chinese brand clothing listed companies, especially A shares, be expected to exceed expectations? Let's read the earnings report quickly.

Fast selling: UNIQLO's overseas business profits surpass Japan's Greater China region for the first time.

In January 12, 2018, 6288.HK released the first quarter of fiscal year 2018 (2017/9/1-2017/11/30). During the reporting period, revenue grew by 16.7% to 617 billion yen, and net profit from mother to child increased 12.7% to 78 billion 500 million yen over the same period.

Among them, Japan's UNIQLO, the first quarter of fiscal year 2018 revenue was 257 billion yen, an increase of 7.6% over the same period, operating profit of 54 billion 100 million yen, an increase of 18.6% over the same period.

Same store net sales (including online stores) grew by 8.4% over the same period last year.

Overseas UNIQLO, the first quarter earnings of 258 billion 200 million yen, an increase of 31.4% over the same period, operating profit of 46 billion 600 million yen, an increase of 54.7% over the same period last year.

According to the announcement, overseas UNIQLO earnings for the first time exceeded Japan's UNIQLO in the first quarter, especially in the Greater China region, South Korea, Southeast Asia and Oceania.

Among them, the autumn and winter weather in Greater China and South Korea is colder than in the previous year, prompting warm weather and good clothing sales.

Since 2012, when the consumption of the clothing industry was weak, Xun sales had also fallen sharply in the 2014 and 2016 fiscal years due to the impairment of brands and stores.

By the end of 2016, at the beginning of 2017, the number of UNIQLO stores was expanding against the market at the time of physical retailing.

In the 2017 fiscal year, UNIQLO opened 20 new stores in Russia and France, and the chief executive of UNIQLO Greater China also said it expects to increase 100 stores annually in the mainland.

In the 2017 fiscal year, the growth of fast track sales increased further in the first quarter of fiscal year 2018.

Its share price has also risen with the improvement of its performance.

Since September 8, 2017, the share price of FAST RETAIL-DRS issued in Hongkong has increased by more than 50%.

Now it seems that the "counter trend" was actually "going with the flow".

Inventory adjustment in place, China's clothing retail sales growth rebounded

Due to the early rugged expansion, coupled with the shift of China's economic growth in 2012, the rise of online shopping, the deterioration of terminal sales environment and the backlog of industry channel inventory, China's clothing industry entered the cold winter.

Industry slump coupled with lower efficiency of store sales and high cost of shops, brands began to shrink their stores on a large scale and began a long inventory cycle.

At the same time, small garment production with poor competitiveness began to withdraw.

From the relatively simple men's clothing brand industry, in the most severe 2014, the number of terminal outlets for wolf wolves was reduced by 681, the number of shops in China's Lai Lang decreased by 376, and the number of stores in nine Mu Wang (14.390, 0.15, 1.05%) decreased by 179.

From 2012 to June 30, 2016, the growth rate of total inventory in men's clothing industry was 4.34%, -0.2%, 1.44%, -2.35% and 2.90% respectively, showing a trend of fluctuating up and down.

The stock of the industry said good-bye to the high growth trend and remained stable as a whole.

In June 30, 2016, industry inventories amounted to 28 billion 500 million yuan, which was lower than the same period in 2011.

As an alternative indicator of the industry channel inventory, the accounts receivable of the industry has improved. It fell by 1.42% in 2015 compared with the same period in June 30th, and accounts receivable in June 30th of 16 years is close to the same level in the same period of 11 years. This reflects that the channel inventory is becoming healthy.

Experienced nearly 7 years of industry adjustment, the second half of 2017, the clothing industry finally ushered in a hint of spring breeze.

According to the National Bureau of statistics, since the beginning of 2011, the year-on-year growth rate of clothing retail sales continued to decline. After years of industry adjustment and inventory clearance, with the consumption upgrading effect showing, in August 2017, apparel retail sales grew year-on-year, and the growth rate began to pick up.

Capital is always ahead of the market, and after a sharp fall in share prices, some companies have begun to buy back shares.

Capital is always ahead of the market, and after a sharp fall in share prices, some companies have begun to buy back shares.

Capital action: Nakakoku Toshiro and Giordano continue to buy shares to stimulate stock price rally.

Since August 2017, 1234.HK, a listed menswear brand in Hong Kong, has bought five shares for the 11 million 919 thousand time, and repurchased 11 million 919 thousand shares. The amount of repurchase is about $60 million.

The following is statistics on China's repurchase statistics.

In addition, in early 2018, China's shareholders were overweight.

In addition, in early 2018, China's shareholders were overweight.

According to the latest information of HKEx, on January 3, 2018 and 8, China's Value Partners Hong Kong Limited (Huili Group) increased its holdings by 897 thousand shares, and its shareholding ratio increased from 4.98% to 6.03% after its holdings.

Persistent buybacks and shareholders' holdings encouraged the company's share price to rise.

Since August 17, 2017, China's share price has risen sharply, rising by about 40%.

Meanwhile, 0709.HK, another clothing brand listed in Hong Kong, is also continuing to repurchase shares in Giordano.

The following is Giordano international repo statistics:

In the second half of 2017, Giordano international bought a total of 7 million 442 thousand shares, and the repurchase amount was about 27 million yuan.

In the second half of 2017, Giordano international bought a total of 7 million 442 thousand shares, and the repurchase amount was about 27 million yuan.

After buying back shares, Giordano International's share price also rose.

From June 22, 2017 to October 11, 2017, its share price rose by 21.41%, but then its share price began to fall. Its current share price is slightly higher than that before repurchase.

Overall, in the Hong Kong stock market, whether it is the fast selling of UNIQLO parent companies, or China's Li Lang and Giordano international, the share price has entered an upward path.

Despite the trend of Giordano international, the market's confidence in local clothing brands is not high.

From this to the other, is the brand clothing industry of A shares also showing signs of recovery?

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A shares brand clothing predicament: the flowers are becoming more attractive.

Through the above analysis, there are signs that China's clothing industry has been showing signs of recovery. We hope to find some market signals from A shares.

First, let's take a look at the general situation of A brand clothing listed companies.

From the valuation point of view, the dynamic P / E ratio of men's Boulevard, modern Boulevard, Hinur and the wedding bird is still negative, while the women's clothing and casual wear brands win the world and the dynamic price earnings ratio of the American state clothing is higher than 80 times.

Due to low profits, the current P / E ratio is not yet a reference.

From the market rate, the average market rate of men's wear, women's wear and casual wear is 3.19 times.

Judging from the performance of the two tier market, most of the stocks have maintained a downward trend since March.

Among them, there are many new stocks listed in 2017: Taiping bird, La Natsu Bell, an Zheng fashion and Japanese fashion.

Despite the sluggish share price, the controlling shareholder of some listed companies began to increase shares as the industry picked up.

The problem, however, is that logic is not always clear.

For example, the Taiping bird landed on the Shanghai Stock Exchange in January 2017. After experiencing a brief rise in IPO, stock prices began to keep falling. In July 2017, the stock price reached a minimum of 23.5 yuan / share, with a drop of less than 10% from the break.

Then, in August 2017, the listed company disclosed the announcement of the company's shareholding plan on the actual controller, the controlling shareholder and its wholly-owned subsidiary. In December 2017, the company's actual controller, controlling shareholder and its wholly owned subsidiary accumulated 1 million 933 thousand and 800 shares of the company's shares, accounting for 0.402% of the total share capital of the company, and the total increase was 50 million 786 thousand and 200 yuan.

Another new IPO is similar to that of Taiping.

In February 2017, the Shanghai Stock Exchange listed on the positive fashion, after a brief rise in stock prices, continued to decline, reaching a minimum of 21.97 yuan / share in December 2017, and less than 25% down from the break.

In January 19, 2018, Zhengzheng fashion disclosed the progress announcement on the actual controller's shareholding plan: the actual controller, Mr. Zheng Zheng, accumulated 440756 shares of the company's shares, accounting for 0.15% of the total share capital of the company, and the total increase was 10 million 230 thousand and 800 yuan.

In addition, in December 2017, 002154.SZ announced that Wu Zhize, the largest shareholder of the company, had a total of 12632858 shares of the company, which had reached 1% of the total share capital of the company.

In addition to the controlling shareholder's holdings plan, the company that made the first performance notice in the clothing industry is also improving its performance.

But these signs of recovery are not as reassuring as UNIQLO.

On the evening of January 8, 2018, Taiping bird disclosed the announcement of the 2017 performance increase: the company's performance is expected to increase by about 45 million 890 thousand yuan, an increase of about 10.73% compared with the same period last year. After deducting the non recurring items, the performance is expected to increase by about 25 million 330 thousand yuan, an increase of about 7.23% over the same period last year.

According to the announcement, the company's earnings growth is mainly affected by the main business growth.

During the reporting period, the company's operating income increased by about 15.4% over the same period last year. At the same time, during the reporting period, by strengthening Ji Cunhuo's handling efforts, the company's assets impairment loss growth has been controlled, and the annual impairment allowance has increased by about 33 million 200 thousand.

In January 15, 2018, the men's brand, brand, announced the 2017 annual performance notice amendment notice: the net profit attributable to shareholders of listed companies is 25 million 19 thousand and 800 yuan to 37 million 492 thousand and 400 yuan in 2017, an increase of 235% - 402% - 402% over the same period last year.

According to the announcement, the performance correction is the result of the 100% pfer of the company's foreign ownership of the former wholly owned subsidiary, the city of polanyo men's Clothing Co., Ltd. and the sale of its own shops.

Generally speaking, the clothing industry is indeed getting warmer, but it is not easy to find a good company in A shares.

It is difficult to choose a general in a cripple.

More interesting reports, please pay attention to the world clothing shoes and hats net.