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希努尔(002485):关于控股股东增持结果公告点评

天相投顧 ·  Dec 18, 2013 00:00  · Researches

Description of the incident: On December 16, 2013, the company received a notice from the controlling shareholder, the groom Shinur Group, stating that it had increased its holdings of 417,447 shares of the company's shares through the secondary market within 12 months after the initial increase on December 17, 2012, with an increase ratio of 0.13%. Comment: 1. The groom Shinur Group announced on December 20, 2012, that it plans to increase its holdings of listed companies by no more than 400,000 shares and no more than 2% of the total share capital from December 17, 2012 to December 16, 2013. During the announced value-added period, the groom Shinur Group increased its holdings twice: first, on December 17, 2012, it increased its holdings by 43,300 shares, with an average price increase of 7.10 yuan, accounting for 0.01% of the total number of shares; second, on December 18, 2012, it increased its holdings of 374,147 shares, with an average price of 7.16 yuan, accounting for 0.12% of the total number of shares. The current plan to increase holdings was increased by a total of 417,447 shares of the company, accounting for 0.13% of the company's total shares. The weighted average value of the increased stock holdings was 7.15 yuan/share, which is higher than the company's latest stock price of 6.63 yuan/share (no shares allotted or distributed during the increase period) by about 8%. After the increase in holdings was completed, the groom's Shinur Group held a total of 135.4894 million shares of the company, accounting for 42.34% of the company's total shares from 42.21%. The current increase in shareholders' holdings is based on confidence in the company's continued and stable development in the future. Since the increase in holdings has little impact on the secondary market, the market's judgment on the value of the company's stock is still based on the company's fundamentals. 2. The company is a leading suit enterprise in the northern market, ranking first in the suit market share in Shandong, Hebei, Henan, Shanxi and other places. The company's product is positioned as a terminal with a high cost performance ratio. Its target customer base is mainly white-collar workers in second-tier cities and the middle class in third-tier and fourth-tier cities. As the company stepped up the construction of direct-run terminal stores in the early stages, management costs and sales expenses such as leasing fees, depreciation expenses, and staff salaries generated by the new stores increased rapidly, resulting in a year-on-year increase of about 3 percentage points to about 31% in the current period. Performance is expected to pick up as the economy recovers and new stores are being opened and renovated, but a complete reversal in 2013 is difficult. 3. The company's EPS for 2013-2015 is expected to be 0.36 yuan, 0.45 yuan, and 0.50 yuan respectively. Based on the latest closing price of 6.63 yuan, the corresponding dynamic price-earnings ratios are 18 times, 15 times, and 13 times, respectively, maintaining the company's investment rating as “neutral.” 4. Risk warning: risk of rising raw materials, labor costs, etc.; risk of slow recovery in terminal consumer demand.

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