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02331 LI NING
RTNominal down16.860 -0.380 (-2.204%)
Research Report

06/11/2019 14:09

{I-bank focus}Jefferies starts Li Ning (02331) at HK$32

[ET Net News Agency, 6 November 2019] Jefferies Research initiated coverage on Li Ning
Company (02331) with a "buy" rating and a target price of HK$32.
The research house expects Li Ning to gain bargaining power against shopping malls and
outlets. This would allow the company to install more high-quality stores. Jefferies
believes the key driver will be hybrid stores that display products from both the China Li
Ning brand and the Li Ning brand.
It expects Li Ning's 2019 wholesale revenue to be Rmb7.2bn, still lower than that in
2010 (Rmb7.3bn). With further growth in wholesale revenue, Li Ning's wholesale operation
should deliver more leverage against the headquarter expenses (which is well under
control).
Jefferies forecast 35% earnings CAGR in 2020 and 2021, on top of 28% revenue CAGR. (KL)

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