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TopNews:Prada-MarginimprovementcontinuesAction:Slightlybetterthanexpected,butsmallchinksinthearmourPradareported2Q12netprofitsofEUR166mn(slightlyhigherthanconsensus),drivenbystronger-than-expectedEBITDAmarginsof31%.
Thoughthesalesupdatewasoutlastmonth,moredetailsshoworganicgrowthin2Qsloweddownabit(~20%),especiallyinItalyandNAmerica.
TheretailperformancewasdrivenbybothSSSG(19%)and69newnetstoreopeningsoverlastyear.Pradacontinuestobuckthetrendofslowingsalesfacedacrossmostoftheluxurysectors.This lv官方康康有禮,inourview lv官方網,wasduetothecompanybeingrelativelyunderpenetratedanditsgreaterfocusonretail.WeraiseourTPtoHKD57.7.Forthefullreport,pleasevisit:PradaSpA(1913HK,Neutral)-MarginimprovementcontinuesSource:NomuraresearchImportmilkpowderisupto27%cheaperthanlocalmilkpowderThepriceofimportmilkpowderissaidtobeupto27%cheaperwhencomparedtolocalmilkpowder,accordingtothenews coach全新legacy大賣.ImportmilkpowderiscurrentlysoldforRMB22-24k/tonnescomparedtocostofRMB30k/tonnesforlocalmilkpowder,accordingFeiheDairy’sFuGuohong.CompaniessuchasWondersun,BrightDairyandFeiheDairysaidtohavelimitedtheirprocurementofrawmilkinthenortheasternregionofChinaasaresultofthis.Moreover,somefarmersinHeilongjianghavesoldofftheircowsandexitedthebusinessaltogether,accordingtothenews.
Source:NetEaseNewsWantWantCFOincreasedstakeby10ksharesWantWantCFO,ChuChi-wen prada2012時尚女王新款目錄,increasedhisstakeby10ksharesto137.2kshareson19Sep2012atanaveragepriceofHKD9.45,accordingtoHongKongStockExchange lv官網台灣.
Source:HongKongStockExchange
Thoughthesalesupdatewasoutlastmonth,moredetailsshoworganicgrowthin2Qsloweddownabit(~20%),especiallyinItalyandNAmerica.
TheretailperformancewasdrivenbybothSSSG(19%)and69newnetstoreopeningsoverlastyear.Pradacontinuestobuckthetrendofslowingsalesfacedacrossmostoftheluxurysectors.This lv官方康康有禮,inourview lv官方網,wasduetothecompanybeingrelativelyunderpenetratedanditsgreaterfocusonretail.WeraiseourTPtoHKD57.7.Forthefullreport,pleasevisit:PradaSpA(1913HK,Neutral)-MarginimprovementcontinuesSource:NomuraresearchImportmilkpowderisupto27%cheaperthanlocalmilkpowderThepriceofimportmilkpowderissaidtobeupto27%cheaperwhencomparedtolocalmilkpowder,accordingtothenews coach全新legacy大賣.ImportmilkpowderiscurrentlysoldforRMB22-24k/tonnescomparedtocostofRMB30k/tonnesforlocalmilkpowder,accordingFeiheDairy’sFuGuohong.CompaniessuchasWondersun,BrightDairyandFeiheDairysaidtohavelimitedtheirprocurementofrawmilkinthenortheasternregionofChinaasaresultofthis.Moreover,somefarmersinHeilongjianghavesoldofftheircowsandexitedthebusinessaltogether,accordingtothenews.
Source:NetEaseNewsWantWantCFOincreasedstakeby10ksharesWantWantCFO,ChuChi-wen prada2012時尚女王新款目錄,increasedhisstakeby10ksharesto137.2kshareson19Sep2012atanaveragepriceofHKD9.45,accordingtoHongKongStockExchange lv官網台灣.
Source:HongKongStockExchange
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