Eratat Lifestyle: Reported strong set of 2Q earnings, with Rev at Rmb275.1m, up 20.3%YoY and 9.6%QoQ, while Net Income at Rmb44.1m was up 108%YoY and 53.8%QoQ, with overall gross margin improving by 3%...
Sterling results attributed to increase in sales contribution by higher margin apparel and increase in ASP, following grp’s successful brand repositioning. Going forward, grp remains upbeat abt FY10 performance, and aims to enhance its distribution network and streghten retail locations, backed by a strong orderbook, received for the 2010 Autumn/Winter Season and 2011 Spring/Summer Season….
Result brings 1H10 EPS to 3.4c, vs FY09 of 4.8c, translating to a compelling annualized P/E of 2.7x vs its larger peers, China Sports 4.13x FY10E P/E and China HongXing 18.44x FY10E P/E.
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