Contents
Summary 4
Valuation 6
Near-term adjustments 9
Pricing strategies 13
Company profiles 19
Belle (1880) 20
Daphne (210) 25
Li Ning (2331) 29
Yue Yuen (551) 34
Appendix 1: China fashion
footwear 39
Appendix 2: China sports
footwear 42
Appendix 3: Business models 45
Disclosure appendix 48
Summary
An inventory overhang and “trading down” are two key issues
Pick stocks that can weather near-term issues and build strong
long-term business models, at a reasonable price
Overweight Daphne and Yue Yuen, Underweight Belle,
Underweight Li Ning. Stocks valued on PB and PE
[此贴子已经被作者于2009-5-8 23:58:50编辑过]