消费行业-鞋、服饰类报告

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摩根斯坦利 鞋类股票研究报告

报告摘要

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Consensus earnings still high ahead of 2012 results
but investors already expect a better 2013… We
think most investors have already discounted a scenario
of declining gross margin but improving inventory health
for the footwear companies in 2H12. Looking into 2013,
we expect a gradual SSSG reacceleration for Belle but a
delay for Daphne until 2H given high base comparison.
Based on our inventory health matrix analysis, we think
gross margin improvement and healthy inventory growth
will likely contribute to quality earnings growth that
support further valuation multiple expansion in 1H13.

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关键词：消费行业 Acceleration IMPROVEMENT Comparison contribute 服饰鞋类 discounted 摩根斯坦利 companies 研究报告

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great