20150612-HSBC-利标品牌（0787）：BUY，KEY_TAKEAWAYS_FROM_SINGAPORE_NON-DEAL_ROADSHOW-676564

More focus within Licensed Brands：At the Singapore non-deal roadshow on 9 June，hosted by HSBC，many investors questioned why the group had so many licensing agreements and how sustainable the contribution was.After its spin-off from Li & Fung（494 HK，Hold，HKD6.38）last year，the group is increasingly focused on three main categories within Licensed Brands：kids；footwear；and accessories.The group has largely completed the consolidation of non-core categories and so future licensing agreements will build on the group’s existing expertise.With regard to the number of licenses（>350 active licenses），the number of licenses associated with the characters side of the business is high but there is a greater concentration in terms of relationships with the overall brand owner（eg many licenses under Disney）.