报告名称：Belle(01880.HK)Upgrade to Buy： The shoe may finally fit
报告类型：港股研究
报告日期：2016-02-04
研究机构：汇丰银行
股票名称：百丽国际
股票代码：01880
页数：14
简介：While the core footwear business is unlikely to see aturnaround in the near term, we think the derating is overdone
Sportswear and the dividend yield could offset weakness indeclining footwear sales
Upgrade to Buy from Hold; SOTP-based TP to HKD6.6 (fromHKD8.3) on lower earnings estimates and lower multiple
下载地址：Belle(01880.HK)Upgrade to Buy： The shoe may finally fit
