Equity Analyst

Steve Zhou, CFA

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

Xtep International (1368 HK):  Strong Headline Retail Sales Growth In 4Q23 But Quality Is Still Low

Xtep International (1368 HK):  Strong 3Q23 Retail Sales But At The Expense Of Higher Discounts

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/xtep-international-holdings" target="_blank" data-smartkarma-citation="entities:18118:1" rel="noopener">Xtep International (1368 HK)</a> announced in-line 2023 results, with net profit up 12% yoy and sales up 11% yoy.  2024 outlook was also satisfactory.  </li>
<li>The company paid out 50% of its earnings in dividend, which amounted to a 5% dividend yield at current share price of HKD5.04.</li>
<li>The company is currently trading at 10x 2024 PE (assuming a conservative 10% net profit growth in 2024).</li>
</ul>



Xtep International (1368 HK) announced in-line 2023 results, with net profit up 12% yoy and sales up 11% yoy.  2024 outlook was also satisfactory.  
The company paid out 50% of its earnings in dividend, which amounted to a 5% dividend yield at current share price of HKD5.04.
The company is currently trading at 10x 2024 PE (assuming a conservative 10% net profit growth in 2024).


Xtep International (1368 HK):  Valuation Too Cheap For A >10% Growth Stock