Shoe Trader Yuyuan Has Better Predictability In Profitability.
Bank of America Merrill Lynch maintains Yuyuan (00551) "buy" rating, due to its biggest customer Nike (27% of its foundry sales) and its biggest sports shoe rival, Fengtai enterprise's good news.
Nike announced that its revenue target in fiscal year 2015 was US $27 billion, with 4%-7% growth in developed countries and 10%-40% growth in the developing market. Fengtai enterprises also expect sales growth to exceed 13% this year.
Bank of America Merrill Lynch believes that the strengthening of terminal demand and reconstruction of inventory will enable Yuyuan to achieve faster growth in the next 2 years, and the profit forecast is likely to increase. Also pointed out that Yuyuan profit predictability is better, because it issued monthly sales, quarterly earnings, strong balance sheet and low valuation, equivalent to 11 fiscal year (up to March) earnings ratio of 10 times, yield of more than 4%.
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