BAUHAUS (483) has its own brands BAUHAUS, TOUGH, SALAD, and 80/2. The Group released operating data after the market closed on Monday. The next day, the stock price broke through, and the market closed up 10.2%. As of the third quarter ending at the end of December last year, the year-on-year increase in same-store sales in Hong Kong, Macau, Taiwan and the Mainland was 21%, 23% and 11%, respectively. At the end of the period, there were 198 self-operated stores, 89 in Taiwan, while there were 85 and 24 stores in Hong Kong, Macau and the Mainland.
As of the end to mid-September, sales increased 14.3% year-on-year to 550 million yuan, and net profit increased 55.9% year-on-year to 16 million yuan. Due to poor retail business performance during the period, the group increased the range and number of promotional offers, causing gross margin to drop 2.7 percentage points year over year to 63.5%. The group has strategically moved and integrated retail stores, which is expected to improve overall profitability. At the same time, SALAD's own brand of handbags and leather bags was advertised on TV, which is expected to increase brand awareness. However, market promotion spending declined 7.2% to 10.3 million yuan during the period, and its share of total revenue fell to 1.9% from 2.3% in the same period in 2012. The group plans to concentrate more resources on the second half of the fiscal year, which I believe will help stimulate sales, and the results for the whole year are worth looking forward to.
By the end of September last year, the number of inventory turnover days had declined by 79 to 271 days from year to year; the financial situation was good, cash on hand was 134 million yuan, the asset-to-debt ratio fell to 4.4%, and the rapid ratio improved to 1. The interim dividend per share was 1.5 cents, a sharp increase of 50% year-on-year, and the dividend ratio was 33.3%.
Bloomberg predicted a price-earnings ratio of 9.6 times in 2014, compared to 11.9 times that of Giordano (709) in the same industry, and the valuation is still quite attractive. In terms of trend, yesterday it returned to 10 days, 20 antennas and 50 antennas. The STC%K line rose through the %D line and the 14-day RSI rebounded to 61.6, breaking through the 5-day line. It can be taken into account horizontal absorption of 2.7 yuan, an increase of 3.1 yuan, and sustainable holding without falling below 2.55 yuan.