[ET Net News Agency, 22 October 2019] J.P. Morgan lifted its target price for Li Ning
(02331) to HK$31 from HK$26 and maintained its "overweight" rating.
The research house said Li Ning printed a positive set of results for 3Q, with
acceleration in both retail sell-through and SSSG. The performance is slightly above JPM's
expectations.
It said Li Ning's September performance accelerated versus July/August, while Anta
(02020) and Xtep (01368) brands recorded a soft September on unfavorable weather. What is
more encouraging is that discount/inventory levels both improved.
JPM believes brand equity was the key driver of its strong set of results, where the "Li
Ning" brand is now being well-recognized as a sportswear player with a fashionable concept
mix of Chinese symbolism and sports. Li Ning's efforts to improve products, channel
efficiency, and supply chain should support margin expansion in the next three years. (KL)
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02331 LI NING
Nominal 
16.740 -0.500 (-2.900%) Research Report
22/10/2019 17:22
{I-bank focus}JP Morgan lifts Li Ning (02331) to HK$31
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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