China Hongxing: receives RMB 1bn orders (+12.6% yoy) at the 2011 Spring/ Summer Collection trade fair held in Xiamen in August. The company introduced about 180 new footwear models and approx 400 apparel & accessories designs. Order book split btwn footwear/ apparel&accessories was almost 50/50. Delivery of orders to take place over Jan to Mar ‘11…
While mgt notes existing operations are on track for recovery despite the challenging market conditions, Street likely to wait for positive signs of improvement in the operating environment, discontinuation of pdt discounts and normalization of inventory levels before confirming a turnaround. Deutsche maintains Hold, with $0.13 target, as stock price could be supported by the $0.20 net cash/share.
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