Daiwa Research lifted its target price for Li Ning (02331) to HK$30 from HK$20.5 and upgraded its rating to "buy" from "hold" on a brighter outlook.
The research house has been cautious about Li Ning's share-price rally on valuation grounds, but Daiwa sees revenue and earnings growth momentum to sustain over the next two years, while the company continues to reap the benefits of efficiency gains.
Daiwa revised up its 2020-21 EPS forecasts for Li Ning by 16-27%, as it sees a stronger sales growth trajectory in the near-to-medium term, thanks to the likely continued wholesale demand for China Li Ning products, as well as a potential improvement in store efficiency.
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