Bosideng International 3998

Re: Bosideng International 3998

Postby winston » Mon Sep 05, 2011 10:41 am

DJ MARKET TALK: Bosideng Off 2.0%;Valuation Not Attractive Enough-MSJun 30, 2011

1430 [Dow Jones] Bosideng (3998.HK) is down 2.0% at HK$2.40, on modest profit-taking after the stock's 14.0% rally Wednesday following its FY11 results, with its sharp rise mainly supported by a higher dividend payment.

Morgan Stanley says, its FY11 net profit (+18% on-year at CNY1.28 billion) was 2.6% above the house's estimate, while the company proposed a final dividend of CNY0.068/share and a special dividend of CNY0.06/share.

"The stock trades at 12X FY12 P/E, which we view as not attractive enough. A 7.0% dividend yield should lend some support to the price, but overall, net profit growth momentum will likely be unexciting over the next two years."

It keeps the stock at Equalweight, and slightly raises its target to HK$2.80 from HK$2.70, without providing a reason.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Mon Sep 05, 2011 10:44 am

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DJ MARKET TALK: Bosideng +10.2%; Dividend Lures Investors
Jun 29, 2011


1115 [Dow Jones] Bosideng (3998.HK) rallies 10.2% to an intraday high of HK$2.37, spurred in part by its decent dividend yield of 10.8% (before today's share price gain).

Still, the generous payout would appear to be difficult to sustain, given that the down apparel maker doles out more dividends (full-year DPS at 19.3 fen) than it earns (EPS at 16.42 fen).

Bosideng is holding an analysts' briefing this morning and Goldman Sachs says it will focus on the winter 2011 down apparel growth guidance, the non-down apparel initiatives' growth outlook and reasons behind the higher-than-expected FY11 down apparel growth.

Trading volume more than triples Tuesday's, at HK$68.2 million; technically, the stock breaks above its 50-day moving average at HK$2.29, and this would seem to imply the stock has turned medium-term positive, but on the trading screen, sell orders far outweigh bids, suggesting many investors are selling into the stock's rebound.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Mon Oct 31, 2011 8:03 am

China's Down Leader Bosideng Buys "Jessie" Chain In Move To Diversify

Bosideng International Holdings, China’s biggest manufacturer of down wear, said on Sunday would buy 70% of the “Jessie” women’s apparel chain for cash and stock worth about 892 million yuan, or about $142 million.

The move will help diversify Bosideng’s business and reduce its dependence on winter clothes, according to a Hong Kong Stock Exchange statement by the company.

Jessie has 172 franchised stores and 81 self-operated ones in China.

Bosideng is led by Chinese billionaire Gao Dekang, a member of the list of 25 Influential Chinese in Global Fashion published this year by Forbes China, the licensed Chinese-language edition of Forbes.

Gao also ranked no. 48 on the 2011 Forbes China Rich List published in September with wealth of $1.7 billion.

Bosideng said earlier this year it would expand into Europe though the purchase of property for a flagship store in London.

Back in China, U.S. companies such as Coach and Nike have been actively targeting the mainland’s retail market. The Gap Inc. said last week it was eyeing the launch of its Banana Republic and Old Navy chains in China (see story here).

Although retail spending in China has been growing at a double-digit pace this year, retail stocks have been weak amid worries about next year’s growth. Bosideng’s Hong Kong-traded shares have lost about 40% in the past year.

http://www.forbes.com/sites/russellflan ... diversify/
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Re: Bosideng International 3998

Postby winston » Wed Nov 30, 2011 10:57 am

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DJ MARKET TALK: Bosideng +5.2%; 1H Net Profit Above View - GS

1041 [Dow Jones] Bosideng (3998.HK) is up 5.2% at HK$2.23, extending from its 6.5% gain over the past three sessions, supported by solid 1H results, with its net profit rising 196% on-year to CNY327 million.

Goldman Sachs says Bosideng's net profit during 1H "was significantly above our expectations on higher-than-expected interest income and a lower-than-expected effective tax rate."

Its operating profit rose 185% on year, which was largely in line with the house's expectations; its operating margin expanded 451 bps on year, mainly driven by reduced bad debt provisions, in addition to the upside from gross margin improvement.

It keeps its earnings estimates for Bosideng and target price under review.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Wed Nov 30, 2011 3:39 pm

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DJ MARKET TALK: Bosideng +4.2%; Good Feedback From Store Visit-Macq

1523 [Dow Jones] Bosideng (3998.HK) is up 4.2% at HK$2.21, extending its 6.5% gain from the past three sessions, supported by solid 1H results; 1H net profit rose 196% on-year to CNY327 million.

"The strong results, along with positive feedback from the store visit and temperature tracking, give us great comfort in the company meeting our FY12 forecast," says Macquarie.

It tips the company to report a net profit of CNY1.435 billion for the fiscal year ending March 2012. It keeps the stock at Outperform with a target of HK$2.80.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Mon Jun 18, 2012 11:45 am

DJ MARKET TALK: Buy Bosideng Ahead Of FY Results - Macquarie

1127 [Dow Jones] Macquarie advises investors to Buy Bosideng (3998.HK) ahead of likely strong results for FY12 ending March.

The house forecasts full-year revenue of CNY8.5 billion and EPS of CNY0.18, representing on-year growth of 21% and 7% respectively; it anticipates the company to announce CNY0.09/share final dividend, which would put the full-year yield at 9%.

With strong sales of down jackets and menswear inventory back down to healthy levels, Macquarie expects Bosideng to generate CNY1 billion in operating cash flow for the full year and to have about CNY3.5 billion in net cash as at the fiscal year end; it forecasts a 75% payout, "yet we think there exist upside potential on this yield should the company announce another special dividend similar to last year's."

Bosideng is up 5.1% at HK$1.86; its FY results are expected after market close on Jun. 28.


Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Mon Jun 18, 2012 11:49 am

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DJ MARKET TALK: Good Acquisitions May Benefit Bosideng - Macquarie
May 7, 2012

1304 [Dow Jones] STOCK CALL: Macquarie says Bosideng's (3998.HK) announcement of the disposal of its kids wear business is a non-event, as this business contributed to less than 2% of total revenue.

"What interested us from the announcement was the comment on shifting focus to making 'sizable' acquisitions;"

Macquarie finds this positive for two reasons:
1. the company has a good track record of making quality acquisitions that are earnings accretive; and
2. it will put the estimated CNY3.5 billion net cash into good use.

The house estimate Bosideng has sufficient cash on hand to make "at least three acquisition of similar size" to Jessie's without going into debt.

"We think good acquisitions will serve as positive catalysts for the stock," Macquarie says and keeps its Outperform call with HK$2.80 target.

Source: Dow Jones Newswire
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Re: Bosideng International 3998

Postby winston » Fri Jun 29, 2012 2:21 pm

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BOSIDENG (03998) maintained Buy with TP cut to HK$2.7 by GS

Goldman Sachs expects BOSIDENG (03998)'s operating income for the second half of 2012 will be in line with estimate.

The broker also projects sales at menswear unit of BOSIDENG will continue to grow but the menswear unit will slow to single digit sales.

Jessie, the newly acquired womenswear brand by BOSIDENG, has room for expansion, said the broker.

BOSIDENG was maintained Buy with target cut to HK$2.7 from HK$2.8 by Goldman Sachs.

Source: AAStocks Financial News
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Re: Bosideng International 3998

Postby winston » Tue Sep 18, 2012 11:41 am

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<Research Report>BOSIDENG (03998) maintained OP with TP cut to HK$2.7 by Macquarie
Jun 29, 2012

Macquarie said gross profit margin of BOSIDENG increased, which offset the hike in general administrative costs.

It lowered its 2013 and 2014 earnings forecasts for BOSIDENG by 5% and 6% respectively.

BOSIDENG was maintained Outperform with target cut by 4% to HK$2.7.


Source: AAStocks Financial News
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Re: Bosideng International 3998

Postby winston » Wed Nov 14, 2012 3:32 pm

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BOSIDENG (03998.HK) downgraded to Neutral by GS on limited growth potential in core biz

Goldman Sachs reported on BOSIDENG (03998.HK), cutting its Buy rating to Neutral, with target price maintained at $2.7.


Source: AAStocks Financial News
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