PEAK'S Market Value Evaporates HK $2 Billion 300 Million Local Sports Brand Frequency Shuffle Signal
Citigroup has sharply reduced its operating costs because it is worried that PEAK sports is too radical in the overseas market.
Peak
Sports rating, which triggered PEAK shares plunge, the market value evaporated over HK $2 billion 300 million.
Last week, the "pessimistic" Research Report released by Citigroup directly led to PEAK sports.
Price of stock
Diving.
In its research report, Citigroup expressed extreme optimism about PEAK sports and lowered its target price from HK $7.5 to HK $3.5. Citigroup pointed out that PEAK has higher potential operating costs and overseas investment is too aggressive, and the outlook for the second half of this year is weakening.
Affected by this, PEAK's share price has gone down sharply, and its market value has evaporated more than HK $2 billion 300 million in just four days.
In recent years, the major brands of native soil sports are Lining, but the current overseas market sales of Lining are less than 2% of total sales.
Following Lining, XTEP, PEAK and other local sports brands also announced their ambition to enter the offshore market.
Compared with the lack of foreign market development, domestic
market
Increasingly saturated, sports brands have to face the problem of high inventory.
According to the semi annual report released by sports brand, the growth rate of the major brands is slowing down, while the stock is greatly improved.
Lining's high storage shadow is spreading to the whole industry. XTEP's inventory in the first half of this year increased by 157.9%, while PEAK's inventory in the first half was 409 million yuan, up 41% over the same period last year.
"Citigroup's sharp downgrading of PEAK's ratings is a signal," insiders pointed out. In recent years, local sports brands have ignored the rapid expansion of inventory.
In order to digest the inventory, we will have a discount on the price side.
industry
In the second half of the year, the days were not very good, and the large-scale shuffling of cards was instantaneous.
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