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<Research>CLSA Upgrades LI NING (02331.HK) to Outperform, Lifts TP to HKD24
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CLSA's research report covered LI NING (02331.HK), which guided for an HSD YoY sales growth this year, topping estimate and shoring up its stock price last Friday (20th). Since the NPM reached 8.1% in 2H25, 2026's NPM guidance is not very surprising in the broker's view, mainly due to factors such as sponsorship costs related to the Chinese Olympic Committee and more store openings, requiring more opex investment this year. The broker raised the group's sales forecast for 2026-27 by 7-8% and the net profit forecast by 7-11%. Its target price was added from HKD18 to HKD24, and the stock was upgraded from Hold to Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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