报告名称：Belle International Alert(01880.HK)3QFY16-SSSG slower than expected but more new
报告类型：港股研究
报告日期：2015-12-13
研究机构：德意志银行
股票名称：百丽国际
股票代码：01880
页数：1
简介：We expect performance for sportswear to remain similar to 1H with EBITM staying strong given higher GPM (less discount). However, in our forecast, 2H EBITM will be lower than 1H due to seasonality. For footwear, GPM is likely to be under pressure in 2H (vs. an increase in 1H). However, as most of the opex is variable cost, we do not expect huge negative operating leverage. We maintain our Buy; while SSSg was weaker than expected, the increase in new stores was higher than expected for this quarter. .

下载地址：Belle International Alert(01880.HK)3QFY16-SSSG slower than expected but more new