25 May '11, 8am

Buy the stock, not the handbag - Yahoo Singapore Finance

Buy the stock, not the handbag? Elena Torrijos , On Wednesday 25 May 2011, 16:16 SGT Handbags in Asia are hot, but you may get more value in buying into the companies that sell them. Hong Kong's Milan Station, a luxury second-hand handbag retailer, closed 66 percent above its issue price of HK$1.67 per share on its listing debut on Monday after a record-breaking share sale that was oversubscribed by 2,100 times. The issue price translates to a historical price-to-earnings (PER) of 20 times based on 2010 fiscal year earnings. L'Occitane, which listed before Milan Station, currently trades at 35 percent above its IPO price of HK$15.08. Now, the retail scene is buzzing as Italian fashion giant Prada has finally received the green light to list on the Hong Kong Stock Exchange, said brokerage Kim Eng in a report on Wednesday. Seeking to raise more than US$2 billion, Prada had f...

Full article: http://sg.finance.yahoo.com/news/Buy-stock-handbag-yahoof...

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