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5 Times The United States And Costumes In The Super Hundred Times Earnings Ratio Of Small And Medium-Sized Plates Won.

2010/11/3 13:12:00 38

113.64 times! It will break the two record in one attempt at today's search (002503): the highest issue price earnings ratio in the history of small and medium-sized plates, the only new stock with an initial price earnings ratio of more than 100 times.

However, the mainland sportswear faucet dress (002269, closing price 31.22 yuan) was listed in 2008, its issue price earnings ratio is less than 23 times.

Search for the unknown.

Clothing stocks

How can it be 5 times that of the United States?

Researcher

Small plates and higher performance.

According to the prospectus, the sale of the main youth casual wear was determined to be 75 yuan, and the total amount of the collection is expected to be 1 billion 500 million yuan.

Its initial public offering does not exceed 20 million shares, accounting for 25% of the total share capital issued.

This time, we will invest 382 million yuan in the construction and information construction of Direct stores and franchised stores. Among them, 42 stores will be built by way of leasing and buying, including 10 direct stores and 32 strategic franchises.

It is understood that as of the end of June this year, the company has 982 channels altogether.

In fact, in the history of the issue of A shares, the price earnings ratio of search and distribution is fifth.

Surprisingly, up to 8 of the top 9 new stocks are GEM stocks.

Watson bio (300142) ranks 133.8 times earnings per share.

It is worth mentioning that the United States and costumes in August 08, the number of 70 million shares issued, raising the total amount of 1 billion 383 million yuan, corresponding to the issue price earnings ratio is only 22.74 times.

Why is the same clothing category, the number of names and sizes are much smaller than that of the United States, but it can get such a high valuation?

A clothing researcher at a southern brokerage said that the price earnings ratio of the search and distribution company was nearly 4 times higher than that of the United States, mainly for three reasons.

First, the operating income of the US bond market reached 4 billion 500 million yuan, but it was less than 400 million yuan last year.

At a lower base, the latter's growth rate is obviously faster.

From 07 to 09 years, its net profit increased by more than 1.1 times a year. Secondly, after the special issue, the total share capital was 80 million shares, but at that time, it was as high as 670 million shares. Finally, only 20 million shares were issued.

Reporters found that in recent years, compared to over 1 times a year.

achievement

Speed up, the United States before the listing of apparel must slow down a lot.

Statistics show that in 2008, the net profit of American Apparel was 588 million yuan, an increase of 61% over the same period last year, while net profit rose 151% over the same period.

In the past 09 years, the net profit growth rate has reached 79%, which is 76 percentage points higher than that of Smith Barney.

At present, the United States has a dynamic P / E ratio of 73 times.

According to China Merchants Securities Research Report, in 2011, the US dollar EPS and forecast earnings will reach 1 yuan and 27 times.

The above two indicators were 1.82 yuan and 35~40 times respectively.

Long term risk or management capability

It is interesting to note that yesterday's search on the Internet roadshow, some people asked, "what is so special about the company's issuing price?" Ma Hong, chairman and general manager, replied that the company has established a leading position in the three or four markets by means of accurate market positioning, rich style design and good product performance price ratio.

According to the current situation of ordering and opening shops, the natural growth of 70%~80% will be maintained next year without considering the fund-raising investment projects.

A senior voucher businessman admitted to reporters that the agency's search for such a high valuation fully proves that the upgrading of the consumption of three or four tier cities will boost the performance of local clothing stocks.

However, the long-term development of the company is still facing a big risk. If the scale of income is no longer maintaining high growth, and if its brand promotion and management capabilities do not have certain strength, where will the future performance be guaranteed? In addition, if the big brands such as the United States and China are deeply sinking to the three or four line area, how will they face competition if the price advantage is not obvious?

It is worth noting that the company's share is very high, and the problem of rising costs must be solved in the future.

A seller researcher who participated in the road show said that the price earnings ratio of the company was so high that it was mainly estimated by next year's performance. From its high growth and high franchise style, it was very similar to the early seven wolves. It is worth noting that the goal of the company in the next few years is to raise the scale rather than the gross profit rate. In fact, the agency has been looking for the consumption concept stocks of the three or four tier cities, and the search for them is just right for the taste.