Li Ning (2331 HK) – Reiterated Guidance but We Remained Cautious
1H23 result was a slight miss, but the inventory level, retail sales growth and FY23E guidance update were all better than expected.
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Li Ning (2331 HK) – A strong comeback in all channels since Mar
Even though Li Ning started the year slow, both retail sales growth and retail discounts got much better going into Mar-Apr 2023.
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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...
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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...
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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...
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