Shenzhen Suibao Department Store raises RMB 800-1.0 billion in Hong Kong IPO (VC 265)

It is reported that the mainland retail department store Suibao, which is about to launch a IPO in Hong Kong, will issue 375 million shares this time. The expected offer price is between 2.11 and 2.81 yuan, and the fundraising amount is about 800 million to 1 billion yuan. It will be listed on July 8. . Chu Bao, Chief Executive Officer and Executive Director, Yang Xiaomei, said on the 20th that he had met with the media on the 20th. It will mainly develop in South China by the end of 2012 and will open 8 to 10 branches.

According to the information of Suibao's underwriting syndicate, the company's price-earnings ratio is 15 to 20 times, which is a discount of 20% compared with the department stores listed in Hong Kong. The group was the first to operate a department store in Shenzhen. It currently has 11 branches. Shenzhen is the main business area and has 9 department stores. Chairman and Executive Director Yang Xiangbo pointed out that two new branches will be opened in Shenzhen, which will open in July and September respectively. In terms of the two branches, the capital expenditure required for each is between 20 million and 30 million yuan (RMB, the same below), and each new branch needs about half a year to reach the balance of payments.

Raise up to 1 billion

Yang Xiangbo said that rent is the main cost of its operation, accounting for 8% of its total cost, and most stores are leased. He said that at this stage still considering buying a store to open a store, whether to buy a property depends on factors such as location and price. Vice President Li Zuolin pointed out that the group has good relations with certain mainland real estate companies that are already listed in Hong Kong and can prefer to open a store location. Its net profits in 2009 and 2008 were 143 million and approximately 90 million yuan, respectively, and its turnover was 1.148 billion and 1.08 billion yuan, respectively.

Low price-earnings ratio

Suibao, which is scheduled to be listed on July 8, according to sources close to the underwriting syndicate, said that a total of 375 million shares will be issued this time, raising a maximum of 1.05 billion yuan and an entrance fee of 28.385 yuan per lot. The stock is priced at 2.11 to 2.81 yuan per share, which is extrapolated from its sponsor's Faba valuation, which is equivalent to 15-20 times the 2010 forecast P / E ratio. Yang Xiaomei said that the company's profit in 2009 was 140 million yuan, a year-on-year increase of nearly 60%. Its peers such as Maoye and Parkson, according to Bloomberg data show that the current market price forecast price-earnings ratio is 32.7 times and 20.35 times.

Suibao currently has a total of 11 branches. According to Yang Xiangbo, one branch will be opened in Muan District, Shenzhen in July and September 2010, with a total cost of more than 60 million yuan. Regarding Maoye, which also has a branch in Shenzhen, Yang Xiaomei said that Maoye is mainly oriented to the high-end market, and Suibao is positioned as a community shopping mall with high customer loyalty. In 2009, 57% of its sales revenue came from VIP card consumption.

Although most of its properties are leased, Yang Xiangbo emphasized that the company ’s rental cost only accounts for 8% of the total cost, which is the same as the labor cost. The annual increase is about 1% to 3%. "

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