汇丰银行-中国纺织品市场-china textiles ＆ footwear positive read-across from regina miracle-20170629-hsbc

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1、Flashnote29June2017ChinaTextiles&FootwearEQUITIESTEXTILES,APPAREL&LUXURYGOODSPositiveread-acrossfromReginaMiracleChinaReginaMiraclereportedFYMarch-17resultsandcommentedScottChan*,CFApositivelyonordersgrowthAnalyst,Consumer&RetailResearchTheHongkongandShanghaiBankingCorporationLimitedscottt

2、kchan@hsbc.com.hkCommentaryoverLBrandsandPumapositivetoPacific+85239417005TextilesandShenzhou,inourviewErwanRambourgGlobalCo-HeadConsumer&RetailResearchHSBCSecurities(USA)Inc.OurkeypickinthespaceisShenzhou(Buy,TPHKD56.80)erwanrambourg@us.hsbc.com+12125258393ReginaMiracle(2199HK,non-rated)repo

3、rtedFY17(YE:March)resultson28June.KarenChoi*Netprofitwasdown78%onthebackof8%declineinrevenue.FullyeardividendofHeadofConsumer&RetailResearch,AsiaPacificTheHongkongandShanghaiBankingCorporationHKD2.5centsrepresentsapayoutofc31%.Afteratough1HFY17ewhereearningsLimited,SeoulSecuritiesBranchweredown

4、89%onthebackofa14%decreaseinrevenue,ReginaMiraclesawakaren.choi@kr.hsbc.com+8223706878reboundinbothordersandmarginsduring2HFY17.Onah-o-hbasis,2HFY17revenuewasup18%,GPMwasup1.6pptandnetmarginup1.8ppt.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAr

5、egulationsPositiveforPacificTextilesandShenzhou.ReginaMiraclemanagementareconfidentaboutthecompany’sprospectsastheyhavestrongresearchanddevelopmentcapabilitiestobenefitfromtheraisingtrendofseamlessintimatewear,sportsapparelandbras.Theyhaveaddedthreeinternationalclientsoverthepastninemonths.Onex

6、istingcustomers,theycommentedpositivelyonordergrowthfromLBrands(LBUS,non-rated)afterinventoryclearanceandachangeinstrategystartedtobearfruitatVictoria’sSecret.WebelievethatreadspositivelyforPacificTextiles,whichisanupstreamsuppliertoLBrandswithc10%ofsalesexposure.Separately,BestPacific(2111HK,n

7、on-rated)isanotherHK-listedsportsfabricproducerforLBrandswithc20%salesexposure.ReginaMiraclealsosawanencouragingtrendfromPuma(PUMGR,EUR339.95,Hold,TPEUR360,coveredbyAnne-LaureBismuth),whichbenefitsfromstrongproductofferingandbette