Li Ning 2331

Re: Li Ning 2331

Postby winston » Fri Feb 27, 2009 4:22 pm

DJ MARKET TALK: UOBKH Cuts Li Ning To Hold; Growth Factored In

1224 [Dow Jones] STOCK CALL: UOB KayHian cuts Li Ning (2331.HK) to Hold from Buy, fair value to HK$10.40 vs HK$15.20; lowers FY09 earnings forecasts by 9% to CNY724 million, FY10's 12% to CNY821 million; forecasts imply slowdown in profit growth from 43% in 2008 to 7% in 2009, based on addition of 800 stores (on top of 6,200), 3% same-store-sales growth, 0.9ppt on-year drop in EBIT margin this year.

Says stock trading at 12.7X FY09 P/E fully factored in prospective 10% EPS CAGR for next two years. Stock down 2.4% at HK$9.84
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Re: Li Ning 2331

Postby winston » Wed May 20, 2009 2:37 pm

DJ MARKET TALK: Li Ning Rally "Has Run Its Course" -CIMB

1157 [Dow Jones] STOCK CALL: CIMB tips Li Ning (2331.HK) share price "has run its course," with stock nearly double March 9 close; valuations now expensive at 17X FY10 P/E; keeps Neutral call, but hikes target price to HK$20.00 from HK$11.10 on higher target P/E of 17X vs 10X previously on increased investor risk appetite.

House continues to like Li Ning's diverse distribution network, emphasis on R&D, but remains concerned about performance in competitive environment. Adds, would be buyers of Li Ning at below HK$17.00; recommends investors switching to Anta Sports (2020.HK) or China Dongxiang (3818.HK), both cheaper at 13X-14X FY10 P/E. Li Ning down 3.0% at HK$19.00.
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Re: Li Ning 2331

Postby eauyong » Mon Jun 22, 2009 10:37 am

Li Ning (2331) fell while 361 Degrees (1361) had its debut
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Li Ning (2331) fell 1% to $19.52 with a turnover of $19 million while 361 Degrees (1361) had its debut
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Re: Li Ning 2331

Postby kennynah » Mon Jun 22, 2009 10:41 am

do you feel that Li Ning is doing a great branding job of late?
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Re: Li Ning 2331

Postby eauyong » Mon Jun 22, 2009 11:40 am

Do not follow Li Ning close enough as I feel its share price is quite high and upside limited. As to branding job, I think that Xtep 1368 is going the right direction aiming for the 18-25 age group consumers by engaging HK & Taiwan pop stars which includes Nicholas Tse, Wilber Pan, Jolin Tsai and The Twins in its advertisements.
Xtep compete more directly with DongXiang 3818 for the age group and products segment but Dongxiang's PE is much higher at around 17.91X compared with Xtep's 12.45X. Current PE for Li Ning is 25.1X while Anta (2020) is 24.26X. Just a simple comparision for info. only.
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Re: Li Ning 2331

Postby iam802 » Tue Sep 29, 2009 10:00 pm

Li Ning and Ziba Design Want to Build China’s First Truly Global Brand

http://www.fastcompany.com/magazine/139 ... newsletter

Notes:
- Ziba design is an America based consultancy (based in Portlan, Oregon ...home of sneakers)
- Ziba innovation milestones as HP's first flat-panel PC monitor and Microsoft's first ergonomic keyboard.
- Li Ning to avoid repeating the mistakes of others by not expanding abroad too hastily.
- Both Nike and Adidas surpassed the company in Chinese market share.
- one of the immediate works is on the retail store identity.
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Re: Li Ning 2331

Postby LenaHuat » Tue Sep 29, 2009 10:48 pm

The Li Ning store at The Ion is dead quiet most of the time.
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Re: Li Ning 2331

Postby winston » Tue Sep 29, 2009 11:15 pm

Hmm.... I'm surprized that Li Ning is expanding outside of China. Wonder who would go and buy stuff from their Singapore store ? Chinese tourists ? Chinese citizens living in Singapore ?

The older generation may remember the 1984 Olympics but I doubt if the younger generation would know who Li Ning is ...
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Re: Li Ning 2331

Postby winston » Thu Oct 08, 2009 12:16 pm

Not vested. From UOBKH:-

Stock Impact

Reports of stronger SSS growth for 3Q09 or stronger orderbook growth for
2Q10 could strengthen investors’ confidence in the stock, triggering a rerating.

Earnings Risk
If the Chinese economy experiences a double dip next year, the Group’s earnings growth may turn out to be lower than our projection.

Valuation/Recommendation
With an expected EPS CAGR of 25%, Li Ning is trading at 23.1x 2009F PE, 18.5x 2010F PE and 0.9x PEG vs over 25x, 20x and 1.2x for large-cap consumer stocks, eg Parkson, Golden Eagle and Hengan.

Given its leading position in the sportswear industry, Li Ning has traded at par with those stocks. We set our 12-month target price for Li Ning at HK$31.70 based on 25x 2010F PE, on a par with one-year rollover PE for leading consumer stocks.
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Re: Li Ning 2331

Postby LenaHuat » Sat Oct 16, 2010 10:35 am

LenaHuat on 29 Sep wrote:The Li Ning store at The Ion is dead quiet most of the time.


The store has closed for good.
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