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<Research>Nomura Cuts LI NING (02331.HK) TP to $16.2 as Increasing Uncertainties To Hinder Growth
Recommend 4 Positive 7 Negative 6 |
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LI NING (02331.HK)'s 1Q25 retail sales posted a low-single-digit YoY increase, largely in line with capital market expectation, in Nomura's view, Nomura released a research report saying. However, sales sentiment weakened in March-April, after a stronger-than-expected performance in January-February. The recent weak sales momentum was particularly evident in the offline channel (according to management, retail sales declined YoY in April and discount levels deepened YoY). While LI NING maintained its full-year guidance (revenue to be flattish YoY, with high single-digit percentage net profit margin), Nomura expected the Company to face more sales and profit challenges in 2Q25-3Q25 amidst macroeconomic uncertainties and intensified competition in the sportswear industry. Therefore, the broker reiterated rating at Neutral, and cut its target price to $16.2 from $17.4. AAStocks Financial News |
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