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<Research>Citi Lifts TP for LI NING (02331.HK) to HKD25 with Buy Rating
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LI NING (02331.HK)'s management forecast sales to grow by an HSD% this year, with NPM also expected to record a HSD%, Citi said in its report. This was attributable to a stable GPM YoY, a YoY decline in OPM (due to increased depreciation costs YoY), reduced financing costs YoY, decreased government subsidies YoY, and a lower effective tax rate YoY. The broker raised its net profit forecasts for the group by 5% and 6% for 2026 and 2027, respectively, with revenue forecasts for each year raised by 4%. The target price was added from HKD22 to HKD25, with a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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