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>1Q24 operating numbers were in line with both market and our expectation.</li><li>But we have started to see retail sales growth acceleration since late-Mar 2024, after the launches of more entry-level or value-for-money products like the 360X running shoes.</li><li>With that and the boost from e-commerce channel, we believe the company’s guidance of faster growth, better discounts, and better inventory level from 2Q24E onward is achievable. </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.

1Q24 operating numbers were in line with both market and our expectation.But we have started to see retail sales growth acceleration since late-Mar 2024, after the launches of more entry-level or value-for-money products like the 360X running shoes.With that and the boost from e-commerce channel, we believe the company’s guidance of faster growth, better discounts, and better inventory level from 2Q24E onward is achievable. 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) - Steady Recovery Shall Continue with High Yield

<ul><li>Xtep’s FY23 results were dragged by weak e-commerce sales but inline with market consensus.</li><li>Due to the macro uncertainty and high base, Xtep’s management has put aside its 5-year growth target and introduced a rather conservative target in FY24E.</li><li>This is inline with our view that Xtep may not be our sector top pick in FY24E.</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 FY23 results were dragged by weak e-commerce sales but inline with market consensus.Due to the macro uncertainty and high base, Xtep’s management has put aside its 5-year growth target and introduced a rather conservative target in FY24E.This is inline with our view that Xtep may not be our sector top pick in FY24E.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) - Stay Prudent as Channel Health Is the Priority

<ul><li>4Q23 results were inline with management guidance.</li><li>Despite the improved inventory level, we are still conservative on Xtep’s non-running segment, ASP and e-commerce growth in FY24E.</li><li>As a result, we have further cut our NP forecasts by 7-9% in FY24E-25E. But due to its fairly distressed valuation of 8x/ 7x FY23E/ 24E P/E, we maintain 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.

4Q23 results were inline with management guidance.Despite the improved inventory level, we are still conservative on Xtep’s non-running segment, ASP and e-commerce growth in FY24E.As a result, we have further cut our NP forecasts by 7-9% in FY24E-25E. But due to its fairly distressed valuation of 8x/ 7x FY23E/ 24E P/E, we maintain 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.

Xtep (1368 HK) – 4Q23 Was Inline but Macro Is Still Challenging

Topsports International / Equity Bottom-Up

<ul><li>3Q24 retail sales growth was at low-teens, in line with expectations but the underlying fundamentals are good.</li><li>We still think the outlook for Topsports is solid, despite industry headwinds.</li><li>Maintain BUY and TP of HK$9.23, based on 18x FY2/25E P/E (unchanged).</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.

3Q24 retail sales growth was at low-teens, in line with expectations but the underlying fundamentals are good.We still think the outlook for Topsports is solid, despite industry headwinds.Maintain BUY and TP of HK$9.23, based on 18x FY2/25E P/E (unchanged).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.

Topsports (6110 HK) – Turnaround Continues After a Resilient 3Q24

<ul><li>Double 11 result was indeed a miss, but it was an industrywide issue.</li><li>If we include the fairly robust offline sale growth, the figures are not that bad.</li><li>Anyhow, after factoring in all guidance cut and share price retreat, the current valuation is not too demanding.</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.

Double 11 result was indeed a miss, but it was an industrywide issue.If we include the fairly robust offline sale growth, the figures are not that bad.Anyhow, after factoring in all guidance cut and share price retreat, the current valuation is not too demanding.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) – Guidance Cut After a Weak Double 11 Festival

China

Xtep International Holdings Limited designs, develops, manufactures, markets, and sells sportswear, including footwear, apparel, and accessories for adults and children. The company operates a multi-brand portfolio, featuring its core Xtep brand alongside international brands such as Saucony and Merrell. It was founded in 1987 and is headquartered in Xiamen, Fujian, China.

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Xtep (1368 HK)

Xtep (1368 HK) - Steady Recovery Shall Continue with High Yield

With that and the boost from e-commerce channel, we believe the company’s guidance of faster growth, better discounts, and better inventory level...

CMB International

Xtep (1368 HK) - Stay Prudent as Channel Health Is the Priority

Due to the macro uncertainty and high base, Xtep’s management has put aside its 5-year growth target and introduced a rather conservative target in...

CMB International

Xtep (1368 HK) – 4Q23 Was Inline but Macro Is Still Challenging

Despite the improved inventory level, we are still conservative on Xtep’s non-running segment, ASP and e-commerce growth in FY24E.

CMB International

Topsports (6110 HK) – Turnaround Continues After a Resilient 3Q24

Sales growth acceleration should be from the new products and better marketing while margin improvement should be from self-initiated efficiency...

CMB International

Xtep (1368 HK) – Guidance Cut After a Weak Double 11 Festival

Double 11 result was indeed a miss, but it was an industrywide issue. If we include the fairly robust offline sale growth, the figures are not that...

CMB International

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