Wednesday, April 18, 2012


Qingmei: profit warning.
Mgt expects profitability to be affected and report lower yoy sales for 3QFY12, mainly due to, i) slowdown in domestic mkt demand for its pdts due to intensified competition and consolidation of downstream sports shoes manufacturers and distributors, and ii) customers becoming more prudent under current mkt conditions.
Nevertheless, the Group expects to remain profitable for FYJun12.

The stock trades at 1.4x trailing P/E, 6.7x fwd P/E, likely reflecting an expected earnings decline.

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