Bosideng International 3998

Bosideng International 3998

Postby winston » Sat Jul 19, 2008 6:21 am

Bosideng profit soars
(07-19 00:12)

Bosideng International (3998) said last year net profit soared 81.9 percent to 1.12 billion yuan (HK$1.28 billion), boosted by falling raw material costs.

The down jacket manufacturer and distributor said revenue dropped 6.3 percent to 5.28 billion yuan in the year ended March 31, while the gross profit margin increased by 10.3 percentage points to 45.6 percent as it did not follow aggressive price cutting by its rivals.

It declared a final dividend of 6 fen per share and a special dividend of 2.8 fen.
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Re: Bosideng International 3998

Postby winston » Tue Aug 05, 2008 8:03 am

Not vested. From Dr. Check:-

Bosideng has been China's top manufacturer of down apparel products for 13 straight years since 1995 with an aggregate market share of 39.9 percent.

Its net profit soared 81 percent to 1.117 billion yuan (HK$1.27 billion) for the year to the end of March. Its revenue dropped by 6 percent to 5.279 billion yuan over the same period as a result of a large inventory.

Gross profit increased 21 percent to 2.409 billion yuan, thanks to a 5.3 percent jump in average sales prices, leading to a 45.6 percent rise in marginal profits.

The final dividend to be paid on October 10 will be 0.06 yuan with a special dividend of 0.028 yuan per share, making the dividend yield very attractive at 7.6 percent.

The group has committed resources to enhance its product mix with the addition of lightweight items for use in late fall and early spring.

Morgan Stanley set its price target for Bosideng at HK$2.15 and retained its "overweight" call.

Goldman Sachs cut its target price for Bosideng to HK$2.50, reflecting a lower volume growth assumption, but retained its "buy" call.

Bosideng's share price has fallen nearly 60 percent since its IPO in October. Technically, it formed a double bottom at around HK$1.15. Downside is limited if it is bought around HK$1.25.
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Re: Bosideng International 3998

Postby winston » Mon Sep 21, 2009 11:07 am

Up 12% now. The only piece of news that I can get is the following which is not really a big deal..

IDG-Accel China Capital L.P. and IDG-Accel China Capital Investors L.P. (the “IDG Entities”) have purchased 215,000,000 Shares (representing approximately 2.77% of the issued share capital of the Company) from Shanghai Olympics on 18 September 2009.

http://www.hkexnews.hk/listedco/listcon ... e_main.asp
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Re: Bosideng International 3998

Postby winston » Wed Sep 23, 2009 6:47 am

Not vested. From Dr. Check, The Standard HK

Bosideng International (3998) is China's top maker of down apparel products with a 39.5 percent market share last year. On Monday, the stock soared on news that a large shareholder, Shanghai Olympics, sold 2.77 percent of Bosideng to IDG, a US-based fund.

So, how good is this move?

Bosideng has adopted a diversified investment strategy tapping into other industries including hotels, property, infrastructure, cosmetics, logistics and nanotech products after raising HK$5.7 billion from its initial public offering. Some fund managers prefer Bosideng to focus on its core business.

Its retail distribution network was cut by 1,455 to 5,662 retail outlets last year.

Net profit fell 33 percent to 748 million yuan (HK$849.25 million) for the year ended March 31. Earnings per share slid to 0.095 yuan from 0.162 yuan.

The stock has fallen more than 80 percent from its IPO of HK$3.28 in October 2007 to a low of 46 HK cents last year. It closed yesterday at HK$1.21.

Better news is warranted before Dr Check warms to this stock.

http://www.thestandard.com.hk/news_deta ... 90923&fc=4
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Re: Bosideng International 3998

Postby winston » Thu Dec 10, 2009 3:08 pm

Not vested. How many winter coats do you need ?

DJ MARKET TALK:MS Raises Bosideng To Overweight, Ups Target 38.5%

1435 [Dow Jones] STOCK CALL: Morgan Stanley upgrades Bosideng (3998.HK) to Overweight from Equalweight on stronger sales momentum, generous cash dividend yield, relatively attractive valuations.

Raises target to HK$1.80 vs HK$1.30 after increasing 2010-11 earnings estimates by 21%, 12.9%. "We believe sales trend was robust in November and early December thanks to favorable weather." Stock drops 7.9% to HK$1.52, seemingly due to profit-taking after hitting 3-week high of HK$1.71 in early trade on strong 1H result.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Fri Jul 09, 2010 6:31 am

Not vested. Good quality winter jackets but how often do you buy a new winter jacket. I have not bought any new winter jackets over the past few years.

========================================================

Bosideng net up 44pc as it targets all seasons
Friday, July 09, 2010

A prolonged winter and more diversified product line boosted the net profit of mainland down apparel retailer Bosideng (3998) by 44.2 percent to 1.08 billion yuan (HK$1.24 billion).

Revenue for the year to March 31 surged 34.2 percent to 5.74 billion yuan. A final dividend of 8.8 fen was declared.

About 90 million yuan of the profit came from the menswear business that it bought in May 2009. The acquisition was the group's first step to transform itself from a seasonal apparel products firm to one selling clothes for all seasons, according to chairman Gao Dekang.

The firm plans to increase the number of its menswear retail stores in the mainland to 1,100 next year from 759.

Bosideng had 5,620 outlets selling down apparel at the end of March, 42 fewer than last year as a result of the firm's "distribution channel revision." "We want to enhance our store image and optimize the retail network by opening more flagship stores, which means we may close some small stores,"said Gao.

The company plans to raises prices by about 10 percent in the next financial year to offset higher labor and raw material costs, Gao added.

Bosideng has earmarked 500 million yuan as capital expenditure, of which 300 million yuan will go to expanding its non-seasonal clothing business, and 100 million yuan on renovating distribution channels.

It had 3.47 billion yuan cash on hand as of March 31. Bosideng said its main down apparel brand has a market share of 24.9 percent - the highest in the industry - while its four core brands account for 38 percent of the market.

The firm is looking for more acquisitions and expects its non-seasonal clothing business to contribute 30 percent of profit by March of 2013.

ELLEN WANG

http://www.thestandard.com.hk/news_deta ... 00709&fc=8
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Re: Bosideng International 3998

Postby winston » Mon Sep 20, 2010 3:49 pm

Not vested. How many winter coats do you really need ?

DJ MARKET TALK: Bosideng Sets 52-Week High; Foray Into Menswear

1514 [Dow Jones] UOB KayHian tips "great potential" for Bosideng (3998.HK) to transform from single-season apparel company to all-round apparel maker; notes strong cash flow from down apparel business could serve as cash cow for foray into menswear business.

Expects going forward, menswear business will serve as new growth driver, although it only accounted for 6.0% of total EBIT in FY10. Still, says while China's menswear market expected to grow at 17% CAGR in coming few years, market highly fragmented, competition intense; unclear whether Bosideng could succeed in highly competitive market.

Adds, Bosideng shares near HK$3.00 trading at 1.3X PEG, "the potential of Bosideng's menswear sector should have been priced in." House doesn't formally cover stock.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Tue Nov 30, 2010 11:35 am

Not vested

DJ MARKET TALK: Bosideng +2.4%; Actively Diversifying - Kim Eng

1113 [Dow Jones] Bosideng (3998.HK) +2.4% at HK$3.92 after earlier touching HK$3.99, as fiscal 1H net profit +82.4% on year at CNY110.6 million; company declares interim dividend of 6.5 fen/share, more than EPS of 1.42 fen, likely taken as sign management optimistic on prospects.

Kim Eng says Bosideng actively diversifying from pure down apparels; interim results "showed early fruit" from menswear retailing, company also launched ladies-wear retailing earlier this month.

Adds, high interim dividend "could be a sign of strong earnings" for 2H, as bulk of Bosideng's earnings will come in 2H due to seasonal factor for down apparel business.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Thu Jun 30, 2011 6:23 am

Bosideng warms to Europe market

China's largest down apparel maker Bosideng International (3998) is eyeing Europe next.

"We see opportunities for expansion into Europe by taking advantage of cheaper asset prices," chairman Gao Dekang said yesterday, with the first flagship store in London set to open next July.

Bosideng's net profit rose 18.3 percent to 1.27 billion yuan (HK$1.53 billion) for the year ended March 31. A 6.8 fen final dividend and a six fen special one were declared.


AGENCIES
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Re: Bosideng International 3998

Postby winston » Mon Sep 05, 2011 10:37 am

Not vested

Capturing the leading position in China’s down apparel market with a 38% market share, Bosideng (3998 HK/NOT RATED) generates steady cash flow of around Rmb1b a year from operations.

Earnings surprise could come from the rapidly-growing (30% pa) menswear business, which only made up 12% of EBIT last year.

With Rmb4.4b (HK$0.74/share) of net cash as at 31 Mar 11, Bosideng offered 11% dividend yield for FY11 (year ending 31 Mar 11).

Despite the earnings turbulence in FY08-09, dividend per share (DPS) grew steadily from Rmb8.7 cents in FY08 to Rmb19.3 cents in FY11 with a payout ratio of 60-120%.

Source: UOBKH
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