Confidence Makes World Brand Lining TPG Continues To Grow
Lining (02331) a major decision is made after two consecutive years of surplus police and closed branches. Zhang Zhiyong, chief executive of nearly 20 years of service, has resigned from the post of executive vice president of private equity fund TPG, Jin Zhenjun. Lining, chairman of the private sector, will return to the outside world and take charge of external affairs and relations. The group has drawn up three stages of reform blueprint, which aims to restructure sales channels and improve profit structure within 4 years. The market looks forward to TPG's duplication of Daphne (00210), which set off the negative news of the chief executive's resignation. Lining's stock price did not rise or fall, and it increased by more than 7%, and its market value was paid 360 million yuan a day.
Sporting goods stocks have been frozen over for more than a year, and no signs of thaw have been seen. First of all, Lining, chief executive of the industry, suddenly returned from office. This should be regarded as a negative signal. However, the market is looking forward to TPG having the opportunity to reduplicate and apply Daphne's turning over mode to Lining, which is nearly 11% higher in the middle of Lining's stock price and 5.2 yuan in the middle of Lining's stock price, which is reported to be 5.03 yuan, up 7.2%.
Daphne hopes to turn over the market
Lining, a gymnast prince, attended the press conference yesterday to explain the new division of management and the new blueprint for reform, including three stages, focusing on retail terminal sales and clearing channel inventory, improving products and operations. cost structure And strengthen brand investment and improve marketing efficiency.
Lining believes that investors are pessimistic about the sporting goods market, but the Group believes that the industry still has room for growth, and reiterates its commitment to make the brand of Lining a world-class. Asked if he would sell the group to third parties, he responded that he would always be a major shareholder and always contribute to the group.
In addition, Zhong Yiqi, chief financial officer, stressed that the group had no urgent financing plan for the reform plan, but did not disclose the amount of investment required for the reform plan.
The securities industry has temporarily reserved for Lining, who has been a fund loving investor. Lining has a lot of difficulties, and the three stages of reform measures are not real quality indicators, but they are on paper! Stock backlog The problem is that although there is no turning point in the whole industry, the industry has been "failing". It is believed that the backlog will only improve in the second half of next year.
Goldman Sachs: TPG's influence continues to grow
Shenyin Wanguo published research report that if Lining did not carry out reform, he would be in a more difficult position. The implementation of the reform measures would help the long-term development of the group, but because the short-term fundamentals remain weak, it would maintain the stock's "reduction" rating with a target price of 3.7 yuan. The bank pointed out that due to the serious accumulation of industry inventory, Lining brand's revenue in 2012 will be recorded negative growth of 5%, and it will still be negative by 2% in 2013, and it will return to positive 5% by 2014.
Goldman Sachs believes that its TPG stake in Lining will continue to increase at the beginning of this year. It is believed that TPG will enhance its competitiveness by assisting supply chain management, retail and procurement. At the same time, with the change of management level, meaning group needs to face the transformation of corporate culture. The bank is positive for Lining's long-term prospects, but the sporting goods industry is in the face of adversity, or it will limit Lining's business performance and maintain a "neutral" rating.
CLSA said that although Lining proposed a three stage transformation blueprint to enhance productivity and profitability, Lining would face a more severe test and maintain a "hold" rating under the influence of personnel changes and industry pressure.
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