We maintain the company's earnings, but considering the endogenous growth slowed in the future of the trend, we cut the corresponding company 09 profit forecast by 8.9%.Relative 08 is concerned, the company earnings has remained high is the main reason of the no.8 fucheng ghd hair straighteners uk business transformation of the store brings some low base effects.
Department stores and supermarkets company advantage-10 years growth born 09 hypothesis in 8% 9% (normally can pull 16%-18% of the net profit growth), than we had expected 10%-12% have come down, history, more companies in the industry to the recession also could be the endogenous growth performance; GHD Scarlet Collection enterprise endogenous growth assumptions for 0.And the core competitiveness of weak retail company likely negative growth.
Department stores and supermarkets company of new store ratio of more than 10%, continuing a new store and turnaround at least can bring about 10% exogenous growth, plus 16%-18% of the net profit endogenous growth will reach more than 20%-30% of the earnings growth expected; ghd straighteners retail market store numerous, not the endogenous growth, therefore the acquisition integration is the main power to earnings growth, and in GHD retail play a role of the merger.
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