Li Ning's Sales May Pick Up Gradually -- Market Talk

Dow Jones03-21

0526 GMT - Li Ning shares have notched sharp gains since late January amid strong Lunar New Year sales, and CCB International analysts Anita Chu and Anita Du say the stock's valuation fully reflects the Chinese sportswear company's earnings growth profile. They downgrade the stock to neutral from outperform, adding that they may revisit it on any improvement in the retail operating environment or in Li Ning's profitability. CCB expects flat sales for 1Q before gradually rising in the following quarters. It reckons Li Ning's push into lower-tier Chinese cities will take time to bear fruit. CCB lowers its 2024 earnings forecast for Li Ning by 2% partly due to slower revenue growth, and trims its target to HK$21.00 from HK$21.20. Shares last at HK$21.65. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

March 21, 2024 01:26 ET (05:26 GMT)

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