The hundred-round trousers industry involved in cross-border electricity quotient is overvalued

Abstract: A A-share rare electric business shares, not to mention cross-border electricity dealers. And in the apparel industry, the hundred-round trousers industry recently announced the acquisition of global easy to buy. The release of the reorganization plan, some large brokerage analysts began to send information to the organization, said optimistic about the global easy to buy, hundred round trousers industry

A A-share rare electric business shares, not to mention cross-border electricity dealers. And in the apparel industry, the hundred-round trousers industry recently announced the acquisition of global easy to buy. The release of the reorganization plan, some large brokerage analysts began to send information to the organization, said optimistic about the global easy to buy, the hundred round pants industry's share price has been trading for two consecutive trading days, and a great continuation of the trend.

However, the problem of excessive valuations and the difficulty of the leading enterprises of cross-border electricity companies in the world has also raised the question of the hundred-round trousers industry.

The accused is overvalued

The hundred-round trousers industry buys global Tesco at about 1 billion of the price, and most of the domestic analysts are bullish. But in Shenzhen, a person in the industry who understands similar cross-border electricity dealers, the valuation of the acquisition is not cheap.

According to the information disclosed by the Shenzhen, on the basis of the assessment date of March 31, 2014, the global easy to buy E-commerce Co., Ltd. NET assets book value of 73.3655 million yuan, under the premise of continuous operation, through the income method evaluation, net assets (shareholder equity) evaluation value of 1,045,490,000 yuan, value-added rate of 1325.04%.

"Valuations on the high side, the 2013 global easy to buy profit of about 30 million, sold 1 billion, equivalent to 33 times times P/E, this is not buying stocks AH!" "In general, these acquisitions are both parties to the transaction to negotiate a good price, the evaluation Division to do the project according to the price, so the assessment report can not be taken seriously."

Indeed, in cross-border electricity business, companies that are comparable to global buyers are clearly not the only products that analysts say they are, Amazon.

In the Cross-border electricity business, it is found that in the United States listed companies of the Orchid Pavilion, Hong Kong-listed Yi Bao Limited (DX) and global easy to buy the most comparable.

Focus on foreign trade manufacturers of the research institutions "quite the media" has been dedicated to the Orchid Pavilion set potential, Yeepay, the global easy to buy and other industry enterprises to compare, this all by the industry composition of the Organization, for the global easy to buy the evaluation, it seems not more than the Orchid Pavilion set potential, easy treasure high.

Quite honey research thinks, global easy to buy with DX (yeepay), Orchid Pavilion difference is not a grade. First of all, everbuying this site is far from well-known Dx,lightinthebox high, and order processing, customer support, supply chain seems to have to improve the place. Overall, the global easy to buy people feel is always in imitation, can never go beyond, Facebook marketing borrowed from LAN pavilion, website product line for reference DX.

In fact, in the domestic cross-border electricity business industry, the global easy to buy not only in many ways than the Orchid Pavilion and Treasure International, in the eyes of the industry, the global easy to buy is not the industry's absolute leader.

Recently, the largest E-commerce platform in southern China, the CEO of the Gold Rush said: "Some professional foreign trade E-commerce website, become the main force to promote the transformation of China's small and medium-sized foreign trade enterprises, with a representative of the Orchid Pavilion set potential, Dunhuang nets, easy tang nets." "The industry's first thought is not the global easy to buy, but the well-known Orchid pavilion, Dunhuang."

Cross-border electric dealers look beautiful.

Global Tesco's valuations are more "expensive" than those of the prestigious yeepay, the Orchid Pavilion and the "DX".

Cross-border electricity quotient of the first Orchid Pavilion 2012 revenue for the 200 million U.S. dollars, 2013-year revenue of 290 million U.S. dollars, last year after the IPO, a one-fold, after the fall, there are only 283 million U.S. dollars in market capitalisation, that is about 1.7 billion yuan.

From the performance view, the 2013 global easy to purchase revenue capacity is only 1/4 of the Orchid Pavilion, but the valuation reached more than half of the Orchid Pavilion set potential.

And the foreign trade of the website DX in 2011 to borrow Yeepay Shell listing, in Hong Kong market shares were fried, in the first quarter of 2011, the share price was fired to more than HK $1.5. In the second half of 2011 after the successful injection of the DX, Yi Bao shares in the vicinity of HK $1.1, the market value of about 5.6 billion Hong Kong dollar (about 720 million U.S. dollars), but the beginning of the fall in 2012, the stock price is only 0.16 Hong Kong dollar, the market value of only about 100 million U.S. dollars,

Whether it is yeepay, or orchid Pavilion set potential, the current days are not good.

DX in the initial stage of Hong Kong listing, 2011 three or four quarterly revenue of 355 million, HK $398 million, is the best record of the company's performance. But DX revenue growth began to weaken in the first quarter of 2012 and in the second quarter, with successive year-on-year declines in the third and fourth quarters of 2012, and a big drop in profit margins.

Similarly, by a large number of domestic investors fancy Orchid pavilion, but also in the IPO soon after the performance of the face. The net loss of $9.2 million trillion in the first quarter of 2014, with a net profit of $2.6 million a year earlier, amounted to a gap of $11.8 million trillion.

A person in the industry said that the Cross-border electricity business looks like "money" unlimited, but the real money is not a few, many dozen are price wars, big brands did not earn much money, small and medium-sized brands have also been eaten. As cross-border electricity trader involves cross market, cross country, cross culture, cross customs and so on problem, seriously limit the efficiency of electronic commerce, thus double increase the cost of electronic commerce transaction.