BCD Semiconductor (BCDS)
|
COMPARE |
|
|
|
|
|
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
Gross |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
Margin % |
|
Zuoan Fashion Ltd (ZA) |
$194 |
1.6 |
8 |
1.8 |
2.1 |
22% |
|
China Xiniya Fashn XNY |
$290 |
2.6 |
9 |
2.2 |
2.3 |
31% |
|
XNY IPO'd Nov 22 at $11 |
|
|
|
|
|
|
|
Price Feb 11 2011: $5.15,
-53% |
|
|
|
|
|
|
See financials at end
|
BUSINESS |
|
Design-driven fashion casual menswear company in China. According to the Frost & Sullivan Report, sales of the "Zuoan" branded products ranked second in China's fashion casual menswear market, with a 5.4% market share, in terms of retail sales in 2009. |
|
ZA products are designed in-house and sold under our Zuoan brand, which means "left bank" in Chinese, referring to the Left Bank district of Paris and embodying our design philosophy of "fashionable elegance." |
|
Offers a wide range of products, including men's casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. |
|
COMPETITION |
|
Major competitors include, among others, international brands such as Jack & Jones, and local brands such as Mark Fairwhale and Jeep. |
|
USE OF PROCEEDS |
|
$37mm |
|
• 35% to support distributors in opening new retail stores and renovating current Zuoan retail stores
• 25% to enhance advertising and promotional activities and to strengthen design and product development capabilities
• 24% to establish a logistics center in Shishi for the purpose of stocking finished products
• remaining amount to fund working capital and for other general corporate purposes. |
|
Zuoan Fashion Ltd (ZA) |
ZA, C+, 7 |
|
|
|
|
Post IPO ADS equivalents: 28mm |
|
Casual menswear |
|
|
|
|
|
|
|
Shanghai, CN |
2007 |
2008 |
2009 |
Sept9mos09 |
Sept9mos10 |
IPO Mkt |
|
Revenues ($mm) |
$66 |
$90 |
$104 |
$74 |
$92 |
Cap (mm) |
|
Gross margin |
40% |
41% |
41% |
40% |
41% |
$194 |
|
Net income (loss) |
$14 |
$20 |
$23 |
$17 |
$19 |
@$7 |
|
Net income % of rev |
21% |
22% |
22% |
23% |
21% |
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
Zuoan Fashion Ltd (ZA) |
$194 |
1.6 |
8 |
1.8 |
2.1 |
22% |
|
SCORECARD |
|
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
1-5, 5 is high |
|
|
Growth |
mination |
tary |
rating |
|
20 is perfect |
|
2 |
2 |
2 |
1 |
7 |
|
COMPARE |
|
|
|
|
|
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
Gross |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
Margin % |
|
Zuoan Fashion Ltd (ZA) |
$194 |
1.6 |
8 |
1.8 |
2.1 |
22% |
|
China Xiniya Fashn XNY |
$290 |
2.6 |
9 |
2.2 |
2.3 |
31% |
|
XNY IPO'd Nov 22 at $11 |
|
|
|
|
|
|
|
Price Feb 11 2011: $5.15, -53% |
|
|
|
|
|
|
|
