Strong 1Q16 for ADS, SKX, and COLM
​Adidas’ (ETR: ADS) 1Q16 earnings of €4.8 bn, up 38% YoY outperformed consensus by roughly 32%, mainly due to its strong revenue growth of 22% YoY, higher GM, and improving operating leverage. Boosted by strong brand earnings growth momentum, mgmt lifts 2016 revenue and earnings growth guidance to 15%/15%-18% YoY, respectively (vs. 10%-12% previously for both revenue and earnings). As such, we believe Taiwan’s textile and footwear segment could benefit from its shining 2016 outlook. Paiho (9938 TT; BUY) may be the largest beneficiary, as it has been shipping shoe-upper orders for Adidas’ latest soccer shoes to be released in 2H16.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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