CLSA Maintains "Outperform" Rating on LI NING with HK$20 Target Price

Deep News10-28

CLSA has released a research report maintaining its "Outperform" rating on LI NING (02331) with a target price of HK$20.

The firm believes that a potential special dividend in 2026, along with the LI NING brand's (adult business and Young) third-quarter retail sales performing better than expected with flat year-on-year growth, could provide some support to the share price.

The report notes that LI NING's year-on-year performance outperformed peers' core brands, partly benefiting from a significantly lower comparison base. Among the highlights, LI NING Young continued to be a bright spot, with retail sales growing at a double-digit rate year-on-year. On inventory, the company's inventory remained stable year-on-year, and the company aims to reduce inventory to a level equivalent to 4 to 4.5 months of sales by the end of 2026. Since September, the company's discount levels have narrowed year-on-year, and management expects this trend to continue in the fourth quarter.

CLSA maintained LI NING's 2026 guidance unchanged, expecting full-year sales to achieve low single-digit year-on-year growth, with net profit margin ranging from mid-to-high single digits. The firm believes that the current valuation already reflects this year's earnings pressure, and a potential special dividend could serve as a short-term catalyst.

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