18/07/2019 17:55

[I-bank focus]UBS raises Li Ning (02331) to HK$20.31

[ET Net News Agency, 18 July 2019] UBS Global Research raised its target price for Li
Ning (02331) to HK$20.31 from HK$13.43 and maintained its "neutral" rating.
The research house believes the strong 1H result was attributable to China Li Ning
boosting Li Ning's brand image and the ongoing increases in OPM. However, UBS expects
limited improvements in same-store sales growth (SSSG) after 2020, which was mainly
fuelled by new products in the past.
UBS raised its 2019-21 earnings estimates by 26-32% to reflect the better sales growth
momentum, helped by rising brand awareness and better margin. UBS believes the share is
fairly valued at 28x 2020 PE, with a 6-17% premium to industry leaders, given Li Ning's
2019-21 EPS CAGR is 7ppt above theirs. (KL)

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