Hanse unemployment expected first quarter slowdown in orders continues, the recovery phase from the third quarter - one geumtu

[Korea hyerin nine financial newspaper reporters - one financial investment and sustained slowdown in orders for the first quarter on the 17th century Unemployment was expected to rebound from the turn of the third quarter. This recommendation is made BUY, TP remains 3 million.

Hanse 4Q11 sales and operating profit, respectively 4408 and unemployment is one hundred million won (YoY + 9%), recorded a 14.8 billion won (YoY -62%), underperformed the market consensus (operating profit of 27 billion won) by a large margin.

Hana Financial Investment Lee, Hwa - Young researchers serve as the main factor in the decrease fixed costs burden the profitability of the 'expectations below are the analyzes that result in the OEM sector, said, "Orders pressure selling cuts of the competition (margin squeeze), sluggish sales one that seems' he said. Furthermore, he added that "we believe the crazy subsidiary of C & T VINA some impact on capacity utilization and lower cotton prices also fell profitability (dyeing plant).

One quarter had sales of US $ OEM sector also expects a 4% year on year growth Station.

The researchers predicted that "we expect to be retained also low-margin orders orders due to the deepening fixed-cost burden, competition due to profitability erosion factors of sluggish sales, said," orders the recovery will accelerate in the third quarter of the season. "

He's ahead of the US apparel retail market re-stoking directional center has been strengthened by the sales recovery, because the report likely generate new demand this year, existing buyers, said, "In addition, the new buyers orders shipped secured this year 3 added to explain that because "it is estimated to be from full-fledged branches.

In addition, check whether the earnings recovery rally until power was expected to be weak.

The researchers' are expected to negatively interact with this sentiment Center, Trump, etc. President of the protectionist policy stance to the uncertainty in revenue stagnation and margin squeeze performance of the core business of the OEM division forward weak demand exists, 'said,' Performance confirmed the trend and gradually encouraged to bribe 'he said.



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