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 has become more cautious about 4Q22E and FY23E, due to weaken <span style="font-size: var(--content-font-size);">demand and mounting pressure on its inventory. </span></li><li><span style="font-size: var(--content-font-size);">But we maintain BUY and revise </span><span style="font-size: var(--content-font-size);">down its TP to HK$10.52, implying a 19x FY23E P/E (from SOTP valuation </span><span style="font-size: var(--content-font-size);">method), just because its valuation is not too demanding, at 15x FY23E P/E.</span></li><li><div><div><div><p>3Q22 was roughly inline, but slightly softened in Sep 2022.</p></div></div></div></li></ul><p><em>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.</em></p>

Xtep has become more cautious about 4Q22E and FY23E, due to weaken demand and mounting pressure on its inventory. But we maintain BUY and revise down its TP to HK$10.52, implying a 19x FY23E P/E (from SOTP valuation method), just because its valuation is not too demanding, at 15x FY23E P/E.3Q22 was roughly inline, but slightly softened in Sep 2022.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 softens with mounting inventory risks

<div><ul><li>Xtep roughly maintained its FY22E guidance, which consists of faster sales growth but a slightly higher opex for Xtep kids’ brand building.</li><li>Due to likely turnaround, its industry leading growth and attractive valuation (21x), we maintain <span style="font-size: var(--content-font-size);">BUY and kept our SOTP-based TP at HK$17.04, implying ~27x FY23E P/E.</span></li><li><div><div><div><p><strong>1H22E result roughly inline</strong>. Sales increased by 37% YoY to RMB 5.68bn, 2% above CMBI est., still strong after some trade fair order cuts for its distributors in North East China.</p></div></div></div></li></ul></div><p><em>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.</em></p>

Xtep roughly maintained its FY22E guidance, which consists of faster sales growth but a slightly higher opex for Xtep kids’ brand building.Due to likely turnaround, its industry leading growth and attractive valuation (21x), we maintain BUY and kept our SOTP-based TP at HK$17.04, implying ~27x FY23E P/E.1H22E result roughly inline. Sales increased by 37% YoY to RMB 5.68bn, 2% above CMBI est., still strong after some trade fair order cuts for its distributors in North East China.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) – Inventory Not a Worry and Guidance Maintained

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) – Guidance softens with mounting inventory risks

But we maintain BUY and revise down its TP to HK$10.52, implying a 19x FY23E P/E (from SOTP valuation method), just because its valuation is not...

CMB International

Xtep (1368 HK) – Inventory Not a Worry and Guidance Maintained

Xtep roughly maintained its FY22E guidance, which consists of faster sales growth but a slightly higher opex for Xtep kids’ brand building.

CMB International

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