Credit Suisse:首次关注百丽国际估值

BELLE INTERNATIONAL HOLDINGS LTD - INITIATING COVERAGE

July 2007， 100 pages

Valuation: Our target price of HK$9.13 is based on sum-of-the-parts, using the top end of PEG valuations for China’s specialty retailers at 1.4x for both businesses, including a further 15% discount on SG distribution for its added risks, compared to footwear retailing. Key risks to our valuation include an unexpected slowdown in China’s growth momentum, fashion style misses, counterfeit products and copycats, hikes in concessionaire and rental rates,
non-renewal of licensing/distribution contracts, and ventures into new business that are not value-enhancing.