Thursday
Nov172011
Larry Jewelry International (8351 HK) Uncovering a gem
Thursday, November 17, 2011 at 4:31PM Key Investment Themes
- Extension downstream to the lucrative jewelry retail segment with acquisition of the Larry Jewelry business. Listco has approved the change of company name to Larry Jewelry International Company Limited.
- Company plans to open two new Larry Jewelry stores by end 2012 and average of seven new stores per year between 2012 to 2015 in China, Macau, Taiwan and Hong Kong.
- New ¡§Vera¡¨ line to target fast moving fashionable jewelry market and fashionable cosmopolitan females; 15 new Vera stores planned by end 2013.
- Acquisition of Parkwell Group will de-risk expansion strategy into China.
- Initiating coverage with a TP of HK$1.05, representing 14.5x FY12/12F P/E and 8.9x FY12/13F P/E.
Reader Comments (4)
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