reports
Xtep International Holdings Ltd: 1 director
A director at Xtep International Holdings Ltd bought 1,542,500 shares at 4.355HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
Thanks to a better fundamental star rating, XTEP INTERNATIONAL HDG. se...
The independent financial analyst theScreener just awarded an improved star rating to XTEP INTERNATIONAL HDG. (HK), active in the Clothing & Accessories industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 5, 202...
- Ivy Xu Da
- Robin Yuen
Sportswear - Concerns overblown on NBA incident.
The NBA incident generated shockwaves across sportswear, media, and F&B names as corporates cancelled their collaborations with NBA and/or the Houston Rockets team. We assess the ramifications in this report. In our view, Li Ning is likely to be a net beneficiary of Chinese patriotic spending, while the NBA basketball fallout is expected to have a minor impact on sportswear names. Upgrade Li Ning to BUY with a higher target price due to positive sentiment momentum, while we retain Anta as our to...
- Ivy Xu Da
- Robin Yuen
Consumer - Observations from National Day Golden Week.
Domestic consumption remained robust even though the growth rate slightly decelerated – high-growth segments were F&B, movies and online sales of domestic brands. Macau traffic remained robust, but tourist spend per capita appears to be softening. Hong Kong visitors and business remain expectedly poor, given the latest events. Data is positive for the restaurant, movie and home appliances segments.
AS7 ANTA SPORTS PRODUCTS LTD.
M04 MGM CHINA HOLDINGS LIMITED
EZQ CHINA MENGNIU DAIRY CO. LTD.
02331 LI NING COMPANY LIMITED
4QI XTEP INTERNATIONAL HOLDINGS LTD.
8WY WYNN MACAU LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
6AH AUSNUTRIA DAIRY CORP LTD
880 SJM HOLDINGS LTD
1928-HK SANDS CHINA
651 GREE ELECTRIC APPLIANCES
333 MIDEA GROUP
2508 HANGZHOU ROBAM APPLIANCES
- Ivy Xu Da
- Robin Yuen
Sportswear - Channel checks suggest a healthy 3Q19.
We met with downstream retail operator PS to gauge the health of retail channels in the sportswear sector as a read-across for the latest sportswear IPO by Topsport. We also reviewed and received the latest operational updates on sportswear businesses. The sector maintained healthy growth in 3Q19 on a strong July-August performance, against a possibly weaker September due to erratic weather. Maintain OVERWEIGHT with Anta as our top pick.
- Ivy Xu Da
- Robin Yuen
Consumer - Bi-weekly updates for 16-26 September.
Domestic consumption looks healthy with better monthly data points for sportswear and home appliances. For capital markets, we see some opportunistic IPO listings (Budweiser, Topsport) this month on elevated valuation multiples. In Hong Kong, the outlook for retail and tourism remains bleak with the Golden Week likely to lead to write-offs. For Macau gaming, traffic and bookings should remain robust during the Golden Week, but GGR is likely to be weak on continued VIP and premium-mass weakness.
- Ivy Xu Da
- Robin Yuen
Consumer: Consumer bi-weekly: 16-26 Sep 19
Domestic consumption looks healthy with better monthly data points for sportswear and home appliances. Thus for capital markets, we see some opportunistic IPO listings (ie Budweiser, Topsport) this month on elevated valuation multiples. For Hong Kong, the retail and tourism outlook remains bleak with Golden Week likely to lead to write-offs. For Macau, traffic and bookings should remain robust for Golden Week, but GGR is likely to be weak given continued VIP and premium-mass weakness.
- Robin Yuen
Sportswear - 1H19 results wrap-up; 2H19 outlook.
Sportswear companies’ 1H19 earnings generally beat estimates on faster top-line growth. They remain bullish on 2H19 outlook with full-year guidance maintained (Xtep and Shenzhou) or even upgraded (Anta and Li Ning). We see resilient endconsumer demand for sportswear despite trade tensions, while there is a budget for upgrading other areas (eg A&P, better quality products) due to savings from VAT reduction. Maintain OVERWEIGHT with top pick Anta (2020 HK).
- Robin Yuen
Xtep - 1H19: Results in-line with stronger outlook in basketball and n...
Xtep’s 1H19 results are in line, with sales accelerating (+23% yoy) on robust growth of apparel (+50.4% yoy). Management maintains its guidance for both sales and net profit growth (20%+ yoy). We factor in K&P acquisition to consolidated financials and new contribution from an enhanced basketball line-up. Maintain BUY and raise target price to HK$6.30 (from HK$5.60).
- Eric Wang Zhen
- Jayson Kong
- Johnny Yum Chung Man
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Katrina Chen Chucan
- Ken Lee
- Lee Yuk Kei
- Robin Yuen
- Zhifeng Shen
Greater China Daily: Thursday, August 22, 2019
KEY HIGHLIGHTS CHINA Sector Insurance Total premiums growth dragged by weak P&C premiums growth. Results China Longyuan Power (916 HK/BUY/HK$4.42/Target: HK$6.23) 1H19: Robust wind farm development plan with manageable low finance costs. Geely Auto (175 HK/HOLD/HK$11.04/Target: HK$10.50) 1H19: Net profit down 40% yoy, in line. Maintain HOLD. Tongda Group (698 HK/BUY/HK$0.56/Target: HK$0.78) 1H19: Better-than-expected; light at the end of the tunnel. Upgrade to BUY. Xtep (1368 HK/BUY/HK$...
- Robin Yuen
Sportswear - 1H19 results preview: Strong growth with multiple positiv...
We expect strong sales growth from market leaders in 1H19 via new non-core brands, while core-brand sales are expected to be resilient. Furthermore we expect margin expansion on the back of operating leverage, higher-margin non-core brands, and self-operated retail driving business mix. While most results for 1H19 have been pre-flagged, outlook for 2H19 looks to be smooth. Maintain OVERWEIGHT with Anta and Xtep as top picks. We downgrade Li Ning to HOLD as it has reached our target price.
- Robin Yuen
Sportswear - Minimal impact from trade war or potential tariffs.
Investors are concerned about whether the trade war and tariff rounds may have affected sportswear brands and OEM manufacturers. According to the latest update from the respective company managements, the impact has been at zero for domestic brands and minimal for the OEM names under our coverage. Maintain OVERWEIGHT as we see domestic consumption as a key driver of the Chinese economy and sportswear remains more resilient to the economic slowdown.
- Daisy Chen
- Robin Yuen
Xtep - Not as cash rich as expected. Downgrade to HOLD.
After a set of strong 2018 results, Xtep announced a new shares placement (equivalent to 11.01% of existing share base) on March 28 to fund a pending M&A deal concerning a US sportswear brand. Management expects to release the deal’s specifics next month. While the move is consistent with its multi-brand strategy and overseas expansion plan, equity finance is dilutive and the target company is likely loss-making. Downgrade to HOLD; cut target price to HK$5.60. Entry price: HK$5.20.
- Carol Dou Xiao Qin
- Charles Wong Kok Min
- Daisy Chen
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- K Ajith
- Lee Yuk Kei
- Michael Cheung Ho Bun
- Nick Liu Sunliang
- Robin Yuen
- Zhifeng Shen
Greater China Daily: Monday, April, 1, 2019
KEY HIGHLIGHTS CHINA Results Air China (753 HK/BUY/HK$9.66/Target: HK$10.80) 2018: Margins to improve further following disposal of Air China Cargo and US dollar debt reduction. China Shineway Pharmaceutical (2877 HK/SELL/HK$7.86/Target: HK$7.11) 2018: Disappointing 2H18 with broad-based sales slowdown; further downside limited at current valuation. Sunac China (1918 HK/BUY/HK$39.10 /Target: HK$53.72) 2018: Profit continues to rise. The United Labs (3933 HK/HOLD/HK$4.64/Target: HK$4.68) ...
- Daisy Chen
- Robin Yuen
Xtep International Holdings - 2018: Strong results with growth plans r...
2018 results are in line with our expectations, as company had already guided for such via its profit alert earlier in January. Management provided guidance on both its core business and the JV brands. Hence, we are now more convinced that Xtep’s growth could be more sustainable than previously assumed. Upgrade to BUY (from HOLD) with higher target price of HK$6.30 (from HK$5.10).
- Charles Wong Kok Min
- Daisy Chen
- Johnny Yum Chung Man
- Joyce Chan Pui Lai
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Ken Lee
- Lee Yuk Kei
- Robin Yuen
Greater China Daily: Wednesday, March, 13, 2019
KEY HIGHLIGHTS CHINA Sector Education Solid higher education segment growth ahead, amid favourable policies. Upgrade to OVERWEIGHT. Results Nexteer Automotive Group (1316 HK/BUY/HK$9.97/Target: HK$12.00) 2018: Core net profit grows 18% yoy, in line; upgrade from HOLD to BUY. TK Group (2283 HK/BUY/HK$4.47/Target: HK$5.40) 2018: Earnings miss on margin squeeze. Xtep (1368 HK/BUY/HK$5.30/Target: HK$6.30) 2018: Strong results with growth plans revealed. Upgrade to BUY. TRADERS’ CORNER ...
- Charles Wong Kok Min
- Daisy Chen
- Desmond Chong Chee Wai
- Foo Zhi Wei
- Johnny Yum Chung Man
- Julia Cheung Pui Man
- Julia Pan Mengyao
- Ken Lee
- Lee Yuk Kei
- Malaysia Research Team
- Napat Vorajanyavong
- Robin Yuen
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, March 13, 2019
CHINA Sector Education: Solid higher education segment growth ahead, amid favourable policies. Upgrade to OVERWEIGHT. Results Nexteer Automotive Group (1316 HK/BUY/HK$9.97/Target: HK$12.00): 2018: Core net profit grows 18% yoy, in line; upgrade from HOLD to BUY. TK Group (2283 HK/BUY/HK$4.47/Target: HK$5.40): 2018: Earnings miss on margin squeeze. Xtep (1368 HK/BUY/HK$5.30/Target: HK$6.30): 2018: Strong results with growth plans revealed. Upgrade to BUY. MALAYSIA Update Globetronics Technology...
- Robin Yuen
Xtep International Holdings - Harnessing the power of established Amer...
After Xtep announced the formation of a 50-50 JV with Wolverine (WWW US) to sell US footwear brands Merrell and Saucony in China, we took the opportunity to grill both management teams during the analyst briefing. We see growth potential for the brands, given zero footprint in China, although due to Xtep’s choice to consolidate the JV, there is likely earnings volatility in 2019-20 before contribution kicks in. Maintain HOLD and target price of HK$5.10. Entry price: HK$5.00.
- Joyce Chan Pui Lai
- Julia Pan Mengyao
- Lee Yuk Kei
- Robin Yuen
- Shaun Tan
- Zhifeng Shen
Greater China Daily: Wednesday, March, 6, 2019
KEY HIGHLIGHTS CHINA Sector Solar Darkness before dawn: upcoming favourable policies. Results Ctrip.com International (CTRP US/BUY/US$34.99/Target: US$40.00) 4Q18: Top- and bottom-line growth beat expectations; upgrade to BUY and raise target price to US$40.00. Update Xtep (1368 HK/HOLD/HK$5.27/Target: HK$5.10) Harnessing the power of established American brands. HONG KONG Results Wharf REIC (1997 HK/BUY/HK$54.55/Target: HK$61.95) 2018: Results in line; tough year to beat. Small/M...
- Chaiwat Arsirawichai
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kong Ho Meng
- Raphon Prima
- Robin Yuen
- Shaun Tan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Thailand Research Team
- Thananchai Jittanoon
- Zhifeng Shen
Regional Morning Notes - Wednesday, March 06, 2019
CHINA Sector Solar: Darkness before dawn: upcoming favourable policies. Results Ctrip.com International (CTRP US/HOLD/US$34.99/Target: US$40.00): 4Q18: Top- and bottom-line growth beat expectations; upgrade to BUY and raise target price to US$40.00. Update Xtep (1368 HK/HOLD/HK$5.27/Target: HK$5.10): Harnessing the power of established American brands. HONG KONG Results Wharf REIC (1997 HK/BUY/HK$54.55/Target: HK$61.95): 2018: Results in line; tough year to beat. INDONESIA Update Bank Central As...
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