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[justice26hk]

Tanrich Financial

the Swiss Watch Industry Federation (Federation of the Swiss Watch Industry), China's imports of Swiss watches from 2005 to 3.5 billion Swiss francs or to 2009 to 7.0 billion Swiss francs, compound annual growth rate of 18.8%, much higher growth in world exports of Swiss watches to 4.5%.
2008 years and in the high-end Swiss watches (more than 10,000 yuan) from the sale of only 0.23 / thousand,[link widoczny dla zalogowanych], lower than Malaysia, Canada, the United States 0.50,1.00,2.00 / thousand, reflecting the high-grade Mainland watch market has huge potential. Recently came together, the Mainland consumers to buy expensive imported watches, they should pay 20% import duty on luxury goods may be reduced, and is expected to be implemented later this year or early next year,[link widoczny dla zalogowanych], will undoubtedly benefit the whole plate.
which Hendry (3389) in the mainland's largest luxury watch retail and distributors, the market share of 15%. Its Greater China operations 302 total retail stores, including 252 mainland, Hong Kong 15 and Taiwan 35, the main types of retail outlets, including \\A watch retail stores are usually more than three years maturity, judging from the present, most revenue comes from retail stores mature, we believe training with the results of the Group Qicheng further maturation of the retail outlets, together with the Group that will speed up the second and third line city market, and even four-city retail development, will be greater growth potential outbreak.
cooperate with the international famous brand watches suppliers, including the Swatch (SWATCH), LVMH Moet Hennessy (LVMH), Richemont (RICHEMONT),[link widoczny dla zalogowanych], Rolex (ROLEX), and DKSH ( DKSH), Group 5, the total distribution of major brands owned about 50 international brands, the Group said that it would continue to strengthen the introduction of high-end brands, improve brand sales mix, gross margin and profitability that can improve performance. It should be noted that, due to suppliers and brand Hendry has maintained good relations of cooperation, including Swatch and LVMH also holds the current 8.9% and 6.8% of the shares Hendry, coupled with its many outlets, high entry barrier opponents.
at the end of June, Hendry year medium-term revenue rose 37.8% to 37.1 billion yuan (mainland retail, the retail, wholesale, customer service and other, share of 47.8%, 28.2%, 20.2 %, 3.8%), while gross margin remained at 24.6% the same,[link widoczny dla zalogowanych], but net profit margin rose to 8.2%, 7.9%, so that net profit rose 44.4% to 3.1 billion yuan, impressive performance. 24.5 times its forecast earnings, forecast to 2010 to 2012 compound annual increase of 25.2%, the profit growth of only 0.97 of its market valuation is reasonable.
market: $ 3.95 Target: $ 4.60,[link widoczny dla zalogowanych], stop loss: $ 3.70
Sina statement: This was announced in the media reproduced from Sina, Sina posted this article for the purpose of passing more information, does not mean agree with their views or confirm the description. Content of the article for reference only and does not constitute investment advice. Accordingly investors operate your own risk.