BELLE Runs Well, Net Profit Of Compound Annual Growth Of 38%

Morgan Stanley released a report that BELLE International (1880) operates well, with its share price adjusted 20% this year and the expected acquisition of new shoe business to speed up integration.

Morgan Stanley released a report that BELLE International (1880) operates well, with its share price adjusted 20% this year and the expected acquisition of new shoe business to speed up integration.

As a result, the bank raised its rating and target price from "synchronized with the big market" to "overweight" and from HK $12 to HK $12.37.

BELLE has fallen by 20% due to its industry rating, which is now trading at a relatively attractive level, which is equivalent to 08 times 32 times price earnings ratio.

In addition, excluding the interest income at the time of a single listing, it is predicted that the compound profit growth of 07-09 will reach 38% in the net profit year, and the potential will further increase, mainly from the integration of the newly acquired shoe business and the pformation of Fila brand.

BELLE said that it had a positive attitude towards BELLE's early purchase of HK $6 HK $1179, and that the acquisition of BELLE's exclusive distribution rights to the global leisure sports shoes brand also improved the profitability of MB.

The bank said it would increase BELLE's 09 - year profit forecast of 4% to reflect the benefits of the full purchase of beautiful treasure.

Lehman maintains overweight rating.

Lehman's research report said that the target price of BELLE was raised from 10.6 yuan to 11.1 yuan, and the "overweight" rating was maintained to reflect a slight increase in earnings forecasts.

According to the bank, BELLE plans to purchase MB at a cash price of 1 billion 430 million yuan, equivalent to 20 times the price earnings ratio of 08, and the valuation is reasonable. Following the paction of the whole purchase of beautiful treasure and the purchase of MII Li and San Da last year, BELLE has become the market leader of BELLE. Through the expansion of the network and the upgrading of diversified brands, the relevant M & A can further enhance the market share of BELLE in the footwear market in the mainland.