Hua Fu Jia Luo: Less Than 8.35 Yuan To Buy BELLE International

< p > > a href= "http://fz.sjfzxm.com/" > BELLE international < /a > (8.46, 0.04, 0.47%, real time quotes) (01880.HK), China coal energy (3.91, -0.17, -4.17%, real-time quotes) (01898.HK) < /p >

< p > Hong Kong stocks rose slightly after a two day rise, but the callback rate was not large. As at 10:45 in the morning, the Hang Seng index reported 22225 points, down 60 points.

Today we have chosen BELLE International (01880) to conduct a review and to revise yesterday's trading proposal on the relevant subscription certificate of China coal energy (01898).

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< p > this column put forward that BELLE International Valuation was not particularly attractive in January 13th this year. It is recommended not to buy.

The lowest price of the proposed day ($9.59) and yesterday's closing price ($8.42) were 12.2%, 9.85 yuan (up 2.7%), and 8 yuan (up to 16.5%).

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< p > although we expect that BELLE's performance will not improve in the short term, but after nearly a month's decline, the closing price of last day is about 11.7 times that of 2014, which is down from 13 days (13.3 times) from last month. Some technical indicators also indicate that the short term has been bottomed out. It is suggested to buy at 8.35 yuan or below, the target price is 9.07 yuan, and the stop loss price is 7.85 yuan.

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< p > in addition, this column recommended yesterday to buy the coal related energy related subscription Certificate - China coal and HSBC A07 CW14 (12840), suggesting buying at 0.156 yuan or below, but the price of the subscription card has not dropped to the recommended purchase price in the remaining trading hours after the proposal is made.

By the impact of China's coal energy was excluded from the Hang Seng stock market, the stock opened more than 2% this morning, and the price of the subscription card opened at 0.131 yuan.

Although China's coal energy has been excluded from the Hang Seng stock market, we have not changed its evaluation and maintained the view that the current price is low.

As at 11 hours and 06 minutes, the selling price of the above subscription card (ask price) was 0.127 yuan, and we reiterated that the proposal to buy the card can be purchased at 0.131 yuan (or at this morning's market price) or below, with a target price of 0.170 yuan and a stop loss price of 0.101 yuan.

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< p > related links: stock market observation: XTEP international technology trend to be improved < /p >

< p > since the 2008 Beijing Olympic Games, the sporting goods industry in the mainland has increased rapidly in a short time. The overspread of the store network has caused a backlog of stock. At the same time, in order to clean up the stock, the enterprise has a negative impact on earnings.

In the first half of last year, XTEP international earned 2 billion 98 million yuan, an annual decline of 19.5%, net profit fell 27.1% to 341 million yuan, and the gross profit margin narrowed 0.7 percentage points to 40.2%.

During the period, according to XTEP product categories, the income of < a href= "//www.sjfzxm.com/" target= "_blank" > shoes < /a > < a href= "//www.sjfzxm.com/" target= "_blank" > clothing > //www.sjfzxm.com/ > and accessories were recorded a double-digit decrease.

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< p > to control inventory, the group also increased the wholesale discount rate from 60% to 62% in addition to appropriately reducing the supply of products, and expanded the coverage network of the retail surveillance system.

During the period, the average turnover days of the group increased by 4 days to 86 days, and the average turnover days of accounts receivable increased by 22 days to 96 days.

By the end of June last year, in order to improve operational efficiency, the total number of retail outlets in the group decreased by 75 to 7435 at the end of December 2012. During the same period, Lining shops decreased by 410 to 6024, while the number of Kappa brand retail outlets in China decreased by 611 to 1398, while the 321% adult sportswear retail outlets decreased by 256 to 7826.

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< p > the annual order value of the third quarter of 2014 held in the 12 quarter of last year (calculated at wholesale value) decreased by a few units per year, but the decline in sales orders had narrowed in the fourth quarter of the year.

At the end of June last year, the group's cash and bank balances totaled about 4 billion 119 million yuan, with a debt ratio of 19%.

In addition, at the beginning of last month, the group entered into a financing agreement with a syndicate composed of 11 banks, obtaining 3 years of dual currency loan financing with a sum of $92 million and HK $452 million.

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< p > trend, rose to 4.23 yuan in November 22nd, was blocked. < a href= "//www.sjfzxm.com/news/index_f.asp > > down > /a >, forming a descending track. Yesterday, it appeared as a" reversing hammer ". Yesterday, 10 days and 20 antennas recovered and lost. STC% K line was below the%D line, 4 yuan was seen resistance, and it did not fall through 3.7 yuan.

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