HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>After reaching its peak performance in 2019, HLA's growth momentum has weakened. The performance decline is attributed to sluggish consumption and the loss of customer base caused by brand aging.</li>
<li>Solid leading position in men's clothing, promising new businesses, high dividends constitute the support of valuation, but HLA is in a "stage of transformation between old and new growth drivers".</li>
<li>Valuation could be higher than <a href="https://www.smartkarma.com/entities/youngor-group-co-a" target="_blank" data-smartkarma-citation="entities:10783:1" rel="noopener">Youngor Group Co A (600177 CH)</a> but lower than Anta due to lower growth certainty, as Anta has successfully built multi-brand matrix with higher growth rate.</li>
</ul>


After reaching its peak performance in 2019, HLA's growth momentum has weakened. The performance decline is attributed to sluggish consumption and the loss of customer base caused by brand aging.
Solid leading position in men's clothing, promising new businesses, high dividends constitute the support of valuation, but HLA is in a "stage of transformation between old and new growth drivers".
Valuation could be higher than Youngor Group Co A (600177 CH) but lower than Anta due to lower growth certainty, as Anta has successfully built multi-brand matrix with higher growth rate.


Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

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HLA Group (HLA HK)

Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

HLA's growth weakens due to aging brand, but solid position in men's clothing/promising new businesses may offer support for valuation in...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic

​HLA's growth weakens due to aging brand, but solid position in men's clothing/promising new businesses may offer support for valuation in...

Xinyao (Criss) Wang

HLA's growth weakens due to aging brand, but solid position in men's clothing/promising new businesses may offer support for valuation in...