Li Ning (2331 HK) – A conservative guidance but is priced in
We find YTD retail sales and FY23E guidance a miss (even vs our sell-side leading bearish view). However, we believe the share price has already...
279 Views
China Sportswear Sector – We expect prudent guidance but decent margins
While we expect a more conservative FY23E guidance by the brands, we do see decent upside surprises from GP margin improvements, helped by better...
519 Views
China Sportswear Sector – Sequential improvements during double 11
Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market...
331 Views
Li Ning (2331 HK) – Guidance maintained but we are conservative
We reiterate BUY but cut our TP to HK$73.08, based on a 29x FY23E P/E (vs 32x due to sector de-rating). Its current valuation of 21x FY23E P/E is...
182 Views
New DLCs tracking CK Asset, China Merchants Bank, ANTA Sports, Li Ning & WuXi Biologics
Investors can now gain exposure to a wider range of Hong Kong stocks via SGX-listed DLCs with the listing of new DLCs tracking CK Asset, China...
406 Views