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>Xtep’s 1H25 results were stronger than expected, mainly due to other income and Saucony.</li><li>Going into 2H25E, even though the macro backdrop is still quite worrying, Xtep should still be able to achieve its rather prudent FY25E guidance, in our view.</li><li>Therefore, with its fairly undemanding valuation of 11x FY25E P/E, we maintained BUY and lift TP to HK$ 7.39.</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.

Xtep’s 1H25 results were stronger than expected, mainly due to other income and Saucony.Going into 2H25E, even though the macro backdrop is still quite worrying, Xtep should still be able to achieve its rather prudent FY25E guidance, in our view.Therefore, with its fairly undemanding valuation of 11x FY25E P/E, we maintained BUY and lift TP to HK$ 7.39.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.

Xtep (1368 HK) - FY25E Guidance Unchanged After 1H25 Beat

<ul><li>2Q25 was a slight miss (but the market has been cautious since Jun 2025), and we are also cautious about 2H25E.</li><li>However, because Xtep’s FY25E guidance has been conservative and its inventory level has been low and healthy, we tend to believe its sales growth, inventory and discount condition could at least sustain into 2H25E.</li><li>Hence, given its undemanding valuation, we maintain BUY with TP of HK$ 7.20, based on 14x FY25E P/E. The stock is now trading at 10x.</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.

2Q25 was a slight miss (but the market has been cautious since Jun 2025), and we are also cautious about 2H25E.However, because Xtep’s FY25E guidance has been conservative and its inventory level has been low and healthy, we tend to believe its sales growth, inventory and discount condition could at least sustain into 2H25E.Hence, given its undemanding valuation, we maintain BUY with TP of HK$ 7.20, based on 14x FY25E P/E. The stock is now trading at 10x.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.

Xtep (1368 HK) - 2Q25 Was Weak but Guidance Remained Intact

<ul><li>The FY24 results were inline with BBG estimates and mgmt. guidance and so do the numbers in 2025 YTD.</li><li>Management’s FY25E guidance was quite conservative (slightly faster if we adjust for DTC transformation) and we do concur with them.</li><li>However, thanks to the improved macro (favorable policies) and industry trend, we are still positive on Xtep. </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 FY24 results were inline with BBG estimates and mgmt. guidance and so do the numbers in 2025 YTD.Management’s FY25E guidance was quite conservative (slightly faster if we adjust for DTC transformation) and we do concur with them.However, thanks to the improved macro (favorable policies) and industry trend, we are still positive on Xtep. 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.

Xtep (1368 HK) - Building a More All-Round Company in Long Run

<ul><li>Xtep’s 4Q24 results were slightly better than expected (retail sales growth was inline but the inventory level was better than expected).</li><li>And we are delighted to hear that sales trend in Jan 2025 is decent and management outlook for FY25E has turned more positive.</li><li>However, we will continue to stay prudent at the moment given the macro uncertainty. </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.

Xtep’s 4Q24 results were slightly better than expected (retail sales growth was inline but the inventory level was better than expected).And we are delighted to hear that sales trend in Jan 2025 is decent and management outlook for FY25E has turned more positive.However, we will continue to stay prudent at the moment given the macro uncertainty. 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.

Xtep (1368 HK) - A Beat in 4Q24 with a Constructive Outlook

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang (3818 HK)</a> stands on a discount of 82.1% to NAV after factoring in the recent market rally, not limiting to its <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> holdings.</li>
<li>Its listed equities may have gained Rmb314m, but the HK$41m market capitalisation growth has not reflected this. The gains on its unlisted investments have not been included yet.  </li>
<li>CNDX is now more likely to have a positive swing in the bottom line in FY25. Its tiny sportswear business has also witnessed a sequential moderation in sales decline. </li>
</ul>



China Dongxiang (3818 HK) stands on a discount of 82.1% to NAV after factoring in the recent market rally, not limiting to its Alibaba Group Holding (9988 HK) holdings.
Its listed equities may have gained Rmb314m, but the HK$41m market capitalisation growth has not reflected this. The gains on its unlisted investments have not been included yet.  
CNDX is now more likely to have a positive swing in the bottom line in FY25. Its tiny sportswear business has also witnessed a sequential moderation in sales decline. 


China Dongxiang (3818 HK): Another Play on the Market Rally

China

Xtep International Holdings Ltd. designs, manufactures, and markets sportwear. The Company produces footwear, apparel, and accessories.

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Xtep International (1368 HK)

Xtep (1368 HK) - FY25E Guidance Unchanged After 1H25 Beat

Going into 2H25E, even though the macro backdrop is still quite worrying, Xtep should still be able to achieve its rather prudent FY25E guidance,...

CMB International

Xtep (1368 HK) - 2Q25 Was Weak but Guidance Remained Intact

However, because Xtep’s FY25E guidance has been conservative and its inventory level has been low and healthy, we tend to believe its sales growth

CMB International

Xtep (1368 HK) - Building a More All-Round Company in Long Run

The FY24 results were inline with BBG estimates and mgmt. guidance and so do the numbers in 2025 YTD. Management’s FY25E guidance was quite...

CMB International

Xtep (1368 HK) - A Beat in 4Q24 with a Constructive Outlook

Xtep’s 4Q24 results were slightly better than expected (retail sales growth was inline but the inventory level was better than expected).

CMB International

China Dongxiang (3818 HK): Another Play on the Market Rally

China Dongxiang trades at an 82.1% discount to NAV despite the recent HK and China rally, with potential for a positive bottom-line swing in FY25...

Osbert Tang, CFA

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