External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>In the short run, we are still quite cautious about Li Ning in 2H24E, because of: 1) risks of greater retail discounts or promotion, 2) risks of trade fair orders adjustments, 3) unfavorable channel mix and operating deleverage and 4) relatively fixed opex.</li><li>However, from the long run prospective, we can still see the value in Li Ning, esp. when we consider its ex-cash FY24E P/E, which is only at 5-6x (excluding the net cash of RMB 17.6bn, in fact, we can also adjust for its RMB2.0-3.0bn worth of property investment in HK &amp; SH).</li><li>Maintain BUY but trim our TP to HK$ 16.18, based on 12x FY24E P/E (cut from 15x, to factor in the industry de-rating). It is trading at 10x FY24E P/E.</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>

In the short run, we are still quite cautious about Li Ning in 2H24E, because of: 1) risks of greater retail discounts or promotion, 2) risks of trade fair orders adjustments, 3) unfavorable channel mix and operating deleverage and 4) relatively fixed opex.However, from the long run prospective, we can still see the value in Li Ning, esp. when we consider its ex-cash FY24E P/E, which is only at 5-6x (excluding the net cash of RMB 17.6bn, in fact, we can also adjust for its RMB2.0-3.0bn worth of property investment in HK &amp; SH).Maintain BUY but trim our TP to HK$ 16.18, based on 12x FY24E P/E (cut from 15x, to factor in the industry de-rating). It is trading at 10x FY24E P/E.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.

李寧（2331 HK） - 長期的な価値はあるが、短期的なリスクもある