External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>This is another results miss in 1H25, after the one in FY24.</li><li>Together with a potentially weaker-than-expected sector and macro environment outlook in 2H25E, we have turned more conservative in sales growth and margins (even the Company has reiterated its FY25E guidance).</li><li>However, considering the decent dividend yield of 9% for FY25E, we maintain BUY on China Lilang. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

This is another results miss in 1H25, after the one in FY24.Together with a potentially weaker-than-expected sector and macro environment outlook in 2H25E, we have turned more conservative in sales growth and margins (even the Company has reiterated its FY25E guidance).However, considering the decent dividend yield of 9% for FY25E, we maintain BUY on China Lilang. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Lilang (1234 HK) - A Cautious 2H25E Outlook but a Decent Yield

<ul><li>We have now turned rather cautious about China Lilang in 2H24E, due to both macro conditions and company specific reasons like the DTC transformation and the surge in opex.</li><li>We still maintain a BUY but that was solely due to its attractive yield (9%) and valuation (9x FY24E P/E).</li><li>Turned more cautious about 2H24E, even though the Company is still making progress for product and brand upgrades</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We have now turned rather cautious about China Lilang in 2H24E, due to both macro conditions and company specific reasons like the DTC transformation and the surge in opex.We still maintain a BUY but that was solely due to its attractive yield (9%) and valuation (9x FY24E P/E).Turned more cautious about 2H24E, even though the Company is still making progress for product and brand upgradesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Lilang (1234 HK) - Guidance Cut Amid Uncertainties in 2H24E

<ul><li>The apparel sector performed well in general in 2H23 as we see China Lilang and JNBY reporting strong numbers (so will Bosideng, in our view).</li><li>Going into FY24E, we tend to be more picky, but China Lilang should still outperform, thanks to its own initiatives (improvements in operational efficiency as well as upgrades in product and brand quality, etc.).</li><li>More importantly, we think the downside is protected given its 8x FY24E P/E and 10% yield</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The apparel sector performed well in general in 2H23 as we see China Lilang and JNBY reporting strong numbers (so will Bosideng, in our view).Going into FY24E, we tend to be more picky, but China Lilang should still outperform, thanks to its own initiatives (improvements in operational efficiency as well as upgrades in product and brand quality, etc.).More importantly, we think the downside is protected given its 8x FY24E P/E and 10% yieldContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Lilang (1234 HK) – Impressive FY24E Guidance with Decent Yield

<ul><li>1H23 net profit and retail sales growth were all inline.</li><li>Despite macro weakness since May 2023, we are still confident and believe management could achieve the targets (growth are back-loaded in 2H23E due to low base).</li><li>Thanks to the turnaround and limited downside (9% dividend yield), we still rate it BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H23 net profit and retail sales growth were all inline.Despite macro weakness since May 2023, we are still confident and believe management could achieve the targets (growth are back-loaded in 2H23E due to low base).Thanks to the turnaround and limited downside (9% dividend yield), we still rate it BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Lilang (1234 HK) – 1H23 Inline and FY23E Guidance Maintained

<ul><li>We are still positive considering the turnaround (decent YTD performance and FY23E target) and its limited downside (9% dividend yield).</li><li>FY22 results was dragged by pandemic in 4Q22.</li><li>China Lilang’s sales dropped by 9% YoY to RMB 3.1bn and net profit declined by 4% YoY to RMB 448mn, 21% and 27% below CMBI est.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are still positive considering the turnaround (decent YTD performance and FY23E target) and its limited downside (9% dividend yield).FY22 results was dragged by pandemic in 4Q22.China Lilang’s sales dropped by 9% YoY to RMB 3.1bn and net profit declined by 4% YoY to RMB 448mn, 21% and 27% below CMBI est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Lilang (1234 HK) – Turning around with attractive yield

China

China Lilang Ltd. manufactures men's clothing and accessories.  The company produces suits, jackets, shirts, trousers, sweaters, and accessories.

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China Lilang (1234 HK)