Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<ul><li class="p1">Belle International is China’s leading brick-and-mortar footwear and sportswear retailer, with 20,557 stores as of February 2015.</li><li class="p1">Belle expects net profit in fiscal 2016 to decrease by approximately 35%-45% year over year, significantly lower than both our expectations and the consensus.</li><li class="p1">We believe management needs to come up with a sound strategy to combat foreign and online competition and the weakening position of department stores as distribution channels.</li></ul>Analyst: Chelsey Tam

Belle International is China’s leading brick-and-mortar footwear and sportswear retailer, with 20,557 stores as of February 2015.Belle expects net profit in fiscal 2016 to decrease by approximately 35%-45% year over year, significantly lower than both our expectations and the consensus.We believe management needs to come up with a sound strategy to combat foreign and online competition and the weakening position of department stores as distribution channels.Analyst: Chelsey Tam

Belle's FVE Under Review After Profit Warning

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

Goodbaby China Holdings / Equity Capital Markets

Goodbaby China Holdings plans to raise upto US$160m through an issuance of primary shares. The company's sister firm Goodbaby International (1086 HK) provides exposure to sales in China, along with other markets as well. We spoke to Goodbaby International to understand delineation of the business between the two firms. The scales appear to be tilted firmly in favour of Goodbaby International, while valuations for the two firms appear similar. In addition, the deal scores a negative score on our framework as valuation looks fair at best and operational outlook doesn't appear too rosy.

Goodbaby China Holdings plans to raise upto US$160m through an issuance of primary shares. The company's sister firm Goodbaby International (1086 HK) provides exposure to sales in China, along with other markets as well. We spoke to Goodbaby International to understand delineation of the business between the two firms. The scales appear to be tilted firmly in favour of Goodbaby International, while valuations for the two firms appear similar. In addition, the deal scores a negative score on our framework as valuation looks fair at best and operational outlook doesn't appear too rosy. 

Goodbaby China IPO - International Vs China, There Is Only One Brand Owner

China

Belle International is a leading Chinese investment holding company specializing in the manufacturing, distribution, and retail of footwear, sportswear, and apparel. It manages numerous proprietary footwear brands and distributes international sportswear brands. The company was formally incorporated in 1992 and is headquartered in Shenzhen, China.

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Belle International (2129452D HK)

Belle's FVE Under Review After Profit Warning

Belle International is China’s leading brick-and-mortar footwear and sportswear retailer, with 20,557 stores as of February 2015. Belle expects...

Morningstar, Inc.

Goodbaby China IPO - International Vs China, There Is Only One Brand Owner

Goodbaby China Holdings plans to raise upto US$160m through an issuance of primary shares. The company's sister firm Goodbaby International (1086...

Sumeet Singh

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