Equity Analyst

Steve Zhou, CFA

Over 13 years of professional experience covering mainly Asian consumer companies in sell-side and buy-side.

Li Ning (2331 HK):  Update On The Name Given Potential Privatization News

Li Ning (2331 HK):  No Positive Catalysts In Sight

Anta Sports (2020 HK):  Most Resilient In Industry Down-Cycles

Li Ning (2331 HK):  Low Quality Earnings Beat

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> is trading down 18% today due to a bad 3Q23 operational date. </li>
<li>Retail sales grew by only mid-single-digit yoy, while same-store-sales recorded a mid-single-digit decline yoy. </li>
<li>Given the operational update, FY23 earnings should be revised down, to likely flat or low-single-digit growth.</li>
</ul>



Li Ning (2331 HK) is trading down 18% today due to a bad 3Q23 operational date. 
Retail sales grew by only mid-single-digit yoy, while same-store-sales recorded a mid-single-digit decline yoy. 
Given the operational update, FY23 earnings should be revised down, to likely flat or low-single-digit growth.


Li Ning (2331 HK):  Bearish Thesis Playing Out