报告名称：Cosmo Lady(02298.HK)Revenue growth on all business segments stays strong
报告类型：港股研究
报告日期：2015-08-18
研究机构：招商证券（香港）
股票名称：都市丽人
股票代码：02298
页数：9
简介：1H15 recurring earnings in line, up 26% YoY
Cosmo Lady's (CL) 1H15 recurring earnings grew 26% YoY to RMB270mn driven by 27% YoY growth in revenue as all business segments (self-operating, franchise and e-commerce) saw strong growth from 5% SSSG and net POS additions (refer to figure 1). GPM grew 4.6ppt YoY to 44.7% thanks to product/channel mix improvement, integration of supply chain and economies of scale. However, GPM improvement was offset by the increase in SG&A expenses from increase in proportion of self-operating POS. Hence, recurring NPM remained stable at 12%. In 1H15, CL had a net increase of 810 franchise POS (out of which 344 were acquired brands) and a net increase of 417 self-operating POS (out of which 234 were acquired brands) equating to a total franchise and self-operating POS of 6,895 and 1,393 respectively.
Everything on the right track
The newly acquired high-end brand, Ordifen had an RMB1mn profit in June from loss-making. CL noted that the quick turnaround comes from improved staff training and product management resulting in double-digit SSSG in June, coupled with margin improvement from better cost management. Going forward, CL will further focus on improving brand image, enhancing economies of scale and enhancing product/channel mix of the brand to further improve revenue and profitability. The better than expected 5% SSSG was driven by improved store management and product/channel mix and we expect CL to be able to maintain 5% SSSG going into 2H15E. Meanwhile, CL maintains its FY15E net POS addition target unchanged at 1,200-1,500.
Lifted FY16E-17E EPS by 7-13%(6-7% aboveconsensus)
Maintain BUY with new HKD9.25 TP. We roll over our valuation from FY15E to FY16E with an unchanged 18x target P/E. Our target P/E set between current HK-listed staples peer's average (20x P/E) and US-listed intimate wear peer's average (17x P/E) which is reasonable given CL's intimate wear products with staples-like properties.

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