标题：Xinmin Textile Science & TechnologyBrand authorization & supply chain management drive growth
发布日期：2015-12-25 9:20:43
内容： Initiate with BUY. The company’s major appeal lies in its unique position as the first supply chain management stock in the apparel sector, the expansion of its growth model and M&A expectations. The average 2016e P/S of comparable companies is 2.1x. Considering its net profit CAGR of 70% over the next three years, its scarcity value and a continued expansion of its growth model, we set our TP at Rmb23.4 based on 2.5x 2016e P/GMV, implying 30% upside.
发布日期：2015-12-25 9:20:43
内容： Initiate with BUY. The company’s major appeal lies in its unique position as the first supply chain management stock in the apparel sector, the expansion of its growth model and M&A expectations. The average 2016e P/S of comparable companies is 2.1x. Considering its net profit CAGR of 70% over the next three years, its scarcity value and a continued expansion of its growth model, we set our TP at Rmb23.4 based on 2.5x 2016e P/GMV, implying 30% upside.
