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2013/3/16 10:10:00 11

Wedding Bird Clothing Industry Good News Birds Repurchase Stocks At A High Price

News bird recently announced the buy back plan, the repurchase price ceiling is much higher than the current price, but the market does not seem to buy it, and the downward trend of stock price is hard to reverse. Some market participants believe that the market has worried about the "a" target= "_blank" href= "//www.sjfzxm.com/" > clothing < /a > industry's high inventory and consumption decline has been extended from sportswear and casual wear to men's wear. 
 buy back difficult enemy stock price drop 
 > a href= "http://sjfzxm.com/news/index_f.asp" > good news bird > /a > stock is concentrating on its large shareholders. Wu Zhize, chairman of the board, said in an interview with reporters that the company should pay attention to "harmony" while paying attention to "people and", so that the stock will be adjusted. 
 according to the company announcement, the bird announced the repurchase plan in January 5th. The first phase plan, the repurchase price is not more than 12 yuan, the repurchase amount is not more than 80 million, the number of repurchase stock is expected to be 6 million 667 thousand shares, accounting for about 1.11% of the total share capital, and the repurchase time is within 12 months. The second period repurchase share plan is expected to implement the expected capital utilization 1 hundred million within twelve months after the completion of the first repo stock plan. The first phase repurchase began in February 6th, but as of February 28th, the repurchase bird stock was zero. 
 up to March 15th, the closing price of wedding birds was 8.18 yuan, and the repurchase limit of listed companies was 12 yuan, with a space of 47%. 
 "buy back at least indicates that it is optimistic about its share price, because the repurchase scheme is written for the listed company to buy back" a href= "http://sjfzxm.com/news/index_cj.as" > stock < /a > cancellation, which will help to increase earnings per share. Zhou Bing, director of Qingdao win long asset investment, told reporters. 
 Zhejiang Merchants Securities forecast, assuming that according to the 12 yuan repurchase, the repurchase stock will reach 6 million 667 thousand shares, and the total share capital of the company will be reduced to 592 million shares. Before repurchase, the birds of good luck from 2012 to 2014 EPS were 0.85 yuan, 1.05 yuan and 1.25 yuan respectively. After repurchase, EPS will be raised to 0.86 yuan, 1.06 yuan and 1.26 yuan respectively, the increase rate is 1.1%, and 2012 ROE will also increase 0.47%. 
 from the point of view of earnings per share, even though all the repurchase transactions are done at the upper limit price, the contribution to earnings per share is not large. However, the buyback of listed companies does reflect the company's confidence in production and operation. 
 but the market does not seem to buy the repurchase of listed companies. .
 prior to this year, the major shareholders increased their holdings twice a year, showing their confidence in the company: in December 2011, they first increased 1 million 695 thousand and 500 shares (0.29% of the total share capital), and increased 347 thousand and 800 shares in September 2012, and promised to increase their holdings in the two tier market from 2 million to 2 million shares in 12 months from September 4, 2012, and not less than 1 million shares (0.17%~0.34% of the total share capital). 
 from the overall repurchase share, the proportion of total capital stock is not large. The first two major shareholder holdings have not changed the stock price decline since the end of 2010. In particular, the company's share price has experienced a sharp decline since the second half of 2012, so far there has been no turning back. 
 the market is not buying the increase of major shareholders and the buyback of listed companies. Part of the reason is that the company has reduced its holdings in the process of holdings. The market suspects that its motives are impure, to increase the share price and to shield other shareholders from shipping. 
 however, previously, the news bird has pointed out that the purpose of shareholders' shipment is to raise funds for the next equity incentive plan. 
 Zhejiang Merchants Securities issued a report that: "the bird of prey has been subject to small non reduction, the buyback to a certain extent conveyed small signal that the stock price is undervalued. It is estimated that there will be no risk of reduction in short-term stock price lows. Next year's reduction will be carried out at 12 yuan. Meanwhile, the development of the long-term repurchase plan is expected to form a mutual relationship with the small non reduction, which weakens the restriction of valuation on valuation to a certain extent." 
 performance was lower than expected last year 
 good news birds released the 2012 performance bulletin in February 27th. The company achieved operating income of 2 billion 259 million yuan in 2012, an increase of 11.4% over the same period last year. The net profit of the parent company was 481 million yuan, an increase of 28.6% compared with the same period last year, and the earnings per share were 0.81 yuan. 
 the performance bulletin is lower than the market expectation. 
 according to Wind data, 16 organizations have predicted the 2012 performance of the wedding birds, with an average forecast net profit of 495 million yuan and an average earnings per share of about 0.83 yuan, an increase of 34.52%. The company's performance bulletin is lower than the average market expectation. 
 however, compared with sportswear and casual wear, the performance of last year's birds is not bad. More than 60% of garment enterprises that have published annual reports or performance bulletins have dropped net profits. 
 before, the market thinks that men's clothing is different from the market that leisure and sports have been saturated. Because of its small size and low maturity, the menswear market is not affected by the macro-economic effect. But some market participants believe that the market's worries about the clothing industry have spread to the men's wear area. 
 "now the market's concern for the clothing industry has spread from sportswear and casual wear to men's clothing. High inventory is a problem facing the whole industry." A researcher from sun private equity fund told reporters that "the inventory of clothing enterprises is hard to see immediately because most of them are in the dealer's office, but the long selling may lead to a vicious circle." 
 according to the three quarterly report of 2012, accounts receivable increased by 37.57% to 986 million yuan compared with the same period last year, and other receivables increased by 64.61% to 249 million yuan over the same period last year. Inventories rose 45.74% to 745 million yuan over the same period last year, and accounts payable increased 111.44% to 387 million yuan over the same period last year. 
 some market participants believe that increasing the extension mode of shops will become the main growth point of the future. 
 Guo Jin securities analyst Zhang Bin published a report that "the development logic of the company still depends on the scale expansion. The company's development strategy is to adjust the brand and product serialization structure, and vigorously support the franchisee to accelerate the opening of the store. In the current slowdown of consumption market environment, we believe that the company's current expansion strategy can bring about a certain EPS growth. 
 the company has issued a public offering scheme for new shops. However, due to the cold reaction of the market, the new scheme has finally shrunk dramatically, and new shops are not currently available. To a certain extent, it can also reflect the coldness of the market. 
 October 2012, after the company's public offering limit was adjusted from the original 100 million shares (after the increase of shares) to 30 million shares, the public offering limit was lowered to 5 million shares thereafter, and the final issue price was 9.26 yuan, which was 95% lower than that of the initial raised fund of no more than 100 million shares. Due to the huge contraction of the planned fund raising (adjusted from no more than 1 billion 500 million yuan to 43 million 600 thousand yuan), the original 280 new shops (including 47 shops) have not been implemented. 
 however, Zhou Bing believes that due to market sentiment, then if the men's wear plate falls further, there may be some short-term trading opportunities for overfall and rebound.