Belle Intl 1880

Re: Belle Intl 1880

Postby winston » Thu Aug 25, 2011 2:10 pm

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DJ MARKET TALK: Belle May Extend Gains; 1H Net Profit +29%

1335 [Dow Jones] Belle (1880.HK) may extend gains after reporting its 1H11 net profit rose 29% on-year to CNY2.01 billion, supported by a 25% rise in revenue, due to continuous steady sales growth from both the footwear and sportswear businesses.

Citigroup had tipped net profit at an above-consensus CNY2 billion. But net profit growth was slower than operating profit's 38% increase because the effective tax rate in 1H11 was 23.2%, higher than 17.5% in 1H10.

Its interim dividend is at CNY0.07, compared with CNY0.05 in 1H10. Its gross profit margin improved to 57.0% from 55.6% in 1H10, after a change in the proportional sales between the footwear and sportswear businesses.

In 1H11, Belle added 841 new outlets in the footwear business in mainland China, and opened 349 new outlets for its sportswear business, reflecting strong momentum. Belle was +2.2% at HK$15.04 at midday.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Thu Oct 13, 2011 11:57 am

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DJ MARKET TALK: Belle +3.2%; Solid 3Q Footwear Sales - GS

1148 [Dow Jones] Belle (1880.HK) is up 3.2% at HK$14.82, supported by strong 3Q11 same-store sales growth.

Goldman Sachs says Belle's 3Q11 footwear same-store sales growth of 18.5% on-year continues to be strong and is tracking ahead of management guidance as well as the house's 2H11 estimate (15%).

"This solid result reaffirms our positive view on Belle's retail management expertise and strong execution ability."

It keeps the stock at Buy with a target of HK$18.70.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Fri Jan 13, 2012 11:30 am

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DJ MARKET TALK: Belle Slumps 8.9%; Buy Below HK$10.70 - Citigroup

0958 [Dow Jones] Belle's (1880.HK) fall from grace, is an example of high P/E stocks that can't afford the slightest sign of growth slowdown.

The stock is beaten down 8.9% at HK$11.60, after the blue-chip firm reports its 4Q11 same-store-sales growth of 8.2% in the footwear business and 3.5% in the sportswear business; The 8.2% growth is sharply lower vs 3Q's 18.5%.

Citigroup says the weaker sentiment into 2012 "prompts us to factor in further downside to SSS and operating margins assumptions;" it adds that investors looking to bottom fish on the knee-jerk weakness could look into levels below HK$10.70.

Citi trims Belle's target to HK$15.50 from HK$16.80 but keeps the stock at Buy. Belle has now fallen 14.5% in two sessions, but still trades at 25X historic P/E.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Fri Jan 13, 2012 2:07 pm

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DJ MARKET TALK: Belle Down 8.5%; But Accumulate On Weakness -Macq

1347 [Dow Jones] Belle (1880.HK) remains the worst-performing blue chip, falling 8.5% to HK$11.66 after posting weaker-than-expected 4Q same-store-sales growth of 8.2% in the footwear business, sharply lower vs 3Q's 18.5%.

Macquarie says Belle management attributed the SSSG slowdown to macro headwinds, conservative consumer confidence, high base and a warm winter.

Still, the house highlights that the promotion is less in 4Q11, and has not changed its earnings forecast as it believes the better margin can offset the SSSG miss.

Macquarie advises investors to accumulate Belle shares on weakness, and keeps its Outperform call with a HK$18.90 target.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Wed Jan 18, 2012 11:32 am

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DJ MARKET TALK: Rise Of Young Middle Class To Benefit Belle - CS

1044 [Dow Jones] Credit Suisse says Chinese young households pioneer the digitalization and mobility trend; "they are the backbone of China's credit card penetration and online shopping.

They demonstrate the strongest desire to upgrade spending towards higher quality and premium brands."

CS adds that Chinese young households plan to allocate 40%-95% of their purchases to branded discretionary items (such as leather shoes, bags, apparel, sportswear and watches).

"We believe Belle (1880.HK) is best positioned to capitalize on the rise of the young middle class.

Belle is up 1.8% at HK$12.30 on top of its 4.5% rebound Tuesday.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Tue May 22, 2012 9:34 am

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DJ MARKET TALK: Daiwa Starts Belle At Sell; HK$10.20 Target

0907 [Dow Jones] STOCK CALL: Daiwa starts Belle International (1880.HK) at Sell with a target price of HK$10.20 (14.2X FY12 P/E). "

We think the golden age for Belle, China footwear brand-owner and major distributor of international sportswear brands such as Nike and Adidas, is over and that the market is too optimistic on this name."

Analyst Bing Zhou says that there is more competition in the mid-to-high-end footwear space than meets the eye, as inventory days across the board in Belle's industry have reached an all-time high.

Moreover, recent business developments, such as penetration into the low-end footwear business, are indicative of Belle's increasing struggle to maintain high levels of organic growth in its core business.

"We believe that Belle's valuation is heading for a derating as its marginal returns along with earnings growth look set to slow."

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Thu Jul 12, 2012 7:56 pm

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BELLE INT'L (01880) 2Q SSS of footwear up 10.5% in CN
2012-07-12

BELLE INT'L (01880) announced that in the second quarter of 2012, the net increase in the total number of retail outlets of the Group in Mainland China was 537.

As at 30 June 2012, the total number of retail outlets of the Group in Mainland China was 15,964, which consisted of 11,022 footwear outlets and 4,942 sportswear outlets, all of which were directly managed by the Group.

For the second quarter of 2012, the footwear business had a same store sales growth of 10.5%, while the sportswear business had a same store sales growth of 5.0%.

Source: AAStocks Financial News
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Re: Belle Intl 1880

Postby winston » Fri Jul 13, 2012 11:41 am

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DJ MARKET TALK: Belle +3.2%; 2Q Shows Clear Improvement - GuocoCap

1119 [Dow Jones] Belle (1880.HK) rallies 3.2% to HK$13.52 and is the best-performing blue chip, after it posted same-store-sales growth of 10.5% for the footwear business and 5.0% for the sportswear business in 2Q12.

"The SSSG of 10.5% for footwear is a clear improvement from that of 2.8% in 1Q12, and is better than the market expectation for mid to high single digits," says GuocoCapital;

It believes the latest data support its previous view that 1Q12 "should be the trough" for Belle, adding that trading at 18.5X FY12 and 15.1X FY13 P/E is undemanding, given Belle's leading position in China's footwear industry and its solid track record.

The house keeps Belle at Buy with an unchanged target price of HK$15.40, implying a FY13 P/E of 18X.

Source: Dow Jones Newswire
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Re: Belle Intl 1880

Postby winston » Fri Jul 13, 2012 12:21 pm

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Better not to buy BELLE INT'L (01880) shrs as domestic demand continues to wane - Ronald Wan

BELLE INT'L (01880) rebounded on better-than-expected second quarter results.

A broker even deems the results give a hint to better performance of retail sector in near future. Nonetheless, Ronald Wan, Managing Director of China Merchants Securities (HK), said same-store-sales of BELLE INT'L topped estimate mainly due to the underestimation by investors in light of weak global economy and weakened domestic demand. Even if BELLE INT'L fared better than peers, it still underperformed compared to other sectors, said Wan.

The latest Mainland economic data show that GDP expanded by 7.6%, trailing projection of 7.7%. This reveals the Mainland economic growth further decelerated, which would dampen domestic demand.

It is hard to make a turnaround to the sales growth of female footwear business unless the central government rolls out stimulus policies in the near term or improve its taxation system. Therefore, Wan is cautious towards stocks driven by domestic demand.

He appealed investors not to make bets in the equity market without much consideration. He advised investors to formulate strategy after results announcement period and to select highly-defensive utility stocks. His top pick is the telecommunications sector.

Referring to the Chinese proverb 'the popular mass consider eating the utmost important', Wan , noted the fall in inflation, recommended the food-related stocks to investors among stocks driven by domestic consumption.

Source: AAStocks Financial News
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Re: Belle Intl 1880

Postby winston » Mon Oct 15, 2012 2:43 pm

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<Research Report>BELLE INT'L (01880.HK) maintained buy by GS on SSS to pick up pace in future

BELLE INT'L (01880.HK)'s third quarter same-store-sales growth for footwear decelerated to 2.8% year-on-year, basically in line with estimate, said Goldman Sachs, who predicts the SSS will likely to see a recovery in 4Q12 on a low base.

The broker lowered its 2012-14 earnings per share forecasts for BELLE INT'L by 2%, 5% and 5% respectively on weak SSS.

BELLE INT'L was maintained Buy with target price slightly cut to $16 from $16.9.


Source: AAStocks Financial News
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