On June 18, Zhejiang provincial taxation bureau of the State Administration of Taxation and Zhejiang Provincial Department of Commerce Zhejiang Provincial Department of culture and tourism announced the list of the first batch of exit tax rebate stores in Zhejiang Province, among which 28 enterprises in Hangzhou were approved to leave tax rebate stores, including hundreds of groups, Hangzhou Jiebai and other companies.
Affected by the news, on June 19, many listed companies in the list of the first batch of exit tax rebate stores soared. By the end of the trading day, Maoye commerce, Hangzhou Jiebai, Hefei Department store, small commodity city, Baida group and other stocks had increased or stopped.
As early as June 17, investors asked Jiebai in Hangzhou on the interactive platform: why didnt they release relevant information about obtaining the qualification of duty-free shop in time? Wangfujing has disclosed relevant information in time.
In response, the company said that up to now, the company has not obtained the tax-free product operation qualification. If related matters are involved, the company will strictly perform the information disclosure obligations in accordance with the relevant provisions.
After the price limit rose on the 19th, Hangzhou Jiebai (600814) and Baida group 600865 quickly issued risk tips, saying that the two concepts of exit tax rebate and tax exemption are two.
Hangzhou Jiebai also said in the risk warning announcement that, in view of the relevant exit tax rebate policy is mainly the tax department to return the value-added tax included in the purchased goods, so there is no significant impact on the companys profits. At the same time, the company and its subordinate enterprises mainly focus on the local and surrounding customer groups in Hangzhou, and the exit tax rebate policy only applicable to overseas customers has limited effect on improving the sales of shopping malls.
Before that, the tax-free concept shares were chased by market funds, and Gree real estate had eight consecutive trading limits. Since June, the share price of Wangfujing has nearly doubled.
Institutions see opportunities of department stores in this way
Small commodity city dragon and tiger list are also hot money seats. Among them, the top five seats purchased totaled 148 million yuan, and the top five seats sold totaled 61.13 million yuan; the overall total net purchase was 86.87 million yuan.
In the near future, due to 6.18 promotions, tax-free licenses, and the concept of local stall economy, the trend of department stores is very strong, so is there any chance in the future?
Wanlian Securities said that in the short term, after the outbreak, the offline consumption scenario gradually recovered, the department store performance is expected to improve in the second quarter, and the issuance of tax-free qualification is expected to be good places, especially in the first tier city state-owned department store market. It is recommended to pay attention to the investment opportunities of department stores.
Tianfeng Securities pointed out that under the impact of the global epidemic, the return of consumer demand to domestic tax-free channels can be expected, while Chinas tax-free industry is expected to usher in a sustained policy opening, and the main body of tax-free operation is expected to expand. At the same time, the continuous growth of each operation entitys own scale, the promotion of market share driven by the diversified expansion of channels, and the industrial bargaining power are expected to continue to increase, accelerating the return of overseas consumption. In order to fully guarantee the return of overseas consumption, the state-owned business system of provinces and cities with a large number of people entering and leaving the country is expected to benefit from the opening of tax-free policy, and the performance and valuation are expected to get double boost.
Everbright Securities believes that in the near future, department stores are driven by the theme of Wangfujings tax-free license, and the overall performance of department stores is strong. In addition, the low valuation of department stores in the early stage, especially the market to net ratio of some stocks is less than 1 times, which is also a factor that can not be ignored. In the strong safety margin brought by undervalued value, combined with the overall rise of consumer goods valuation in 2020, undervalued value + theme driven is the main factor to stimulate the overall rise of department store valuation. In the summer, the industry as a whole has entered the off-season and the uncertainty brought by the epidemic remains. It is expected that the offline recovery will still be slow, moderate and rising, rather than rapid.