Belle International (1880.HK), formerly known as Li Hua Shoes Co., Ltd., 1981, created by the company, Mr Tang Yiu, and footwear products in Hong Kong engaged in the trade. October 1991, the establishment of joint ventures in Shenzhen Lihua Belle Shoes Co., Ltd. (Shenzhen Belle). Company established in 1998 Staccato Footwear company Limited, in Hong Kong women's footwear retail.
Industry leading effect
On turnover, Belle was the mainland's largest women's shoe retailer, a market share of 8.2%. As by the end of December 2006 only, Belle is owned and operated in China 3828 retail outlets, located in 150 cities and 30 provinces, and another 35 retail outlets in Hong Kong, Macau and the United States.
Belle currently operates a total of eight brands, of which 6 are own brands, including Belle (Belle), Staccato (STACCATO), Teemix (days of good intentions), Tata (he she), Fato (cutting extension) and JipiJapa , another Joy & Peace (really beautiful poetry), and two licensed brands Bata. Belle or two sports brands Nike and Adidas in the mainland's largest retail dealer.
According to statistics compiled CIIIC to total sales revenue, Belle consecutive years in the Chinese women's shoe brand. And statistics to the end of 2006 meter, Teenmix, Staccato and Tata were ranked fourth, eighth and tenth. January 30, 2007, the Ministry of Commerce of China named Belle five most competitive footwear brands, located in four other footwear brands including Senda, rich bird, Golden Monkey, Kangnai before.
Great opportunity for face time
China's total retail sales show the trend of overall growth, the McKinsey Global Institute's latest report is expected by 2025, China will become second only to Japan and the United States, the world's third largest consumer market, the amount of personal consumption from 2005 5.8 trillion yuan rose to 27 trillion yuan in 2025 (RMB, same below), the annual compound growth rate of 8.0%.
Recent years, with women the increase in disposable consumer finance in the social and family status, women become the absolute mainstream consumer market. "Her Age" is gradually leading the women's consumer spending in China to upgrade.
In addition, the company has two major positive. First, the concept with the Olympic Games. With the 2008 Beijing Olympic Games approaching, the mainland of strong growth in sporting goods can be kept at 20% -30%, the performance will benefit from this Belle. Second, LV stake. French parent company LVMH brand dollar 234.6 million shares GroupArnault exclusion Belle. The long term, is expected to be with Belle LVMH's business synergy Belle in the brand and management improvement.
Rating to "Outperform"
Belle International to prepare the future autonomous development, acquisition, or agent or high-end leisure fashion, to balance the portfolio to achieve maximum benefits.
Belle the last two years through acquisitions and expansion of business, net profit for 2005 and 2006 respectively, the rapid growth of 212.9 percent and 315.8 percent. We expect to Belle International, 2007 turnover up by 47.2% to 9.19 billion yuan, net profit rose 45.8 percent to 14.2 billion, earnings per share were 0.22 yuan, Belle International in 2007 forecast price-earnings ratio of 35 times. Similar comparison with the Hong Kong company, PEG 2008 0.54, lower than the industry average of 1.73. Considering Belle International's future growth is strong, we believe that the goal to 40 times price-earnings ratio should be considered a reasonable target price of 8.80 Hong Kong dollars, the investment rating to "Outperform." I am a professional writer from China Product, which contains a great deal of information about $keyword_li, welcome to visit!
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