TopNews:Prada-MarginimprovementcontinuesAction:Slightlybetterthanexpected,butsmallchinksinthearmourPradareported2Q12netprofitsofEUR166mn(slightlyhigherthanconsensus),drivenbystronger-than-expectedEBITDAmarginsof31%.
Thoughthesalesupdatewasoutlastmonth,moredetailsshoworganicgrowthin2Qsloweddownabit(~20%),especiallyinItalyandNAmerica.
TheretailperformancewasdrivenbybothSSSG(19%)and69newnetstoreopeningsoverlastyear.Pradacontinuestobuckthetrendofslowingsalesfacedacrossmostoftheluxurysectors.This,inourview,wasduetothecompanybeingrelativelyunderpenetratedanditsgreaterfocusonretail.WeraiseourTPtoHKD57.7.Forthefullreport,pleasevisit:PradaSpA(1913HK,Neutral)-MarginimprovementcontinuesSource:NomuraresearchImportmilkpowderisupto27%cheaperthanlocalmilkpowderThepriceofimportmilkpowderissaidtobeupto27%cheaperwhencomparedtolocalmilkpowder,accordingtothenews.ImportmilkpowderiscurrentlysoldforRMB22-24k/tonnescomparedtocostofRMB30k/tonnesforlocalmilkpowder 台灣lv官方網,accordingFeiheDairy’sFuGuohong.CompaniessuchasWondersun,BrightDairyandFeiheDairysaidtohavelimitedtheirprocurementofrawmilkinthenortheasternregionofChinaasaresultofthis.Moreover,somefarmersinHeilongjianghavesoldofftheircowsandexitedthebusinessaltogether,accordingtothenews.
Source:NetEaseNewsWantWantCFOincreasedstakeby10ksharesWantWantCFO,ChuChi-wen,increasedhisstakeby10ksharesto137.2kshareson19Sep2012atanaveragepriceofHKD9.45,accordingtoHongKongStockExchange.
Source:HongKongStockExchange
Thoughthesalesupdatewasoutlastmonth,moredetailsshoworganicgrowthin2Qsloweddownabit(~20%),especiallyinItalyandNAmerica.
TheretailperformancewasdrivenbybothSSSG(19%)and69newnetstoreopeningsoverlastyear.Pradacontinuestobuckthetrendofslowingsalesfacedacrossmostoftheluxurysectors.This,inourview,wasduetothecompanybeingrelativelyunderpenetratedanditsgreaterfocusonretail.WeraiseourTPtoHKD57.7.Forthefullreport,pleasevisit:PradaSpA(1913HK,Neutral)-MarginimprovementcontinuesSource:NomuraresearchImportmilkpowderisupto27%cheaperthanlocalmilkpowderThepriceofimportmilkpowderissaidtobeupto27%cheaperwhencomparedtolocalmilkpowder,accordingtothenews.ImportmilkpowderiscurrentlysoldforRMB22-24k/tonnescomparedtocostofRMB30k/tonnesforlocalmilkpowder 台灣lv官方網,accordingFeiheDairy’sFuGuohong.CompaniessuchasWondersun,BrightDairyandFeiheDairysaidtohavelimitedtheirprocurementofrawmilkinthenortheasternregionofChinaasaresultofthis.Moreover,somefarmersinHeilongjianghavesoldofftheircowsandexitedthebusinessaltogether,accordingtothenews.
Source:NetEaseNewsWantWantCFOincreasedstakeby10ksharesWantWantCFO,ChuChi-wen,increasedhisstakeby10ksharesto137.2kshareson19Sep2012atanaveragepriceofHKD9.45,accordingtoHongKongStockExchange.
Source:HongKongStockExchange
全站熱搜
留言列表
