李宁(2331.HK):2H margin trends the key to investment case,Maintain Neutral,TP HK$8.50

2018-08-20 15:17 港股研报君 阅读 551

机构:麦格理

评级:中性

目标价:8.50港元

Key points

Company margin guidance implies 2H18 margin to see faster expansion;

Consensus expectations on margins already at high end of guidance ;

We see need for investment in brand as key risk to margin trajectory .

Earnings and target price revision

Minor change in FY18 earnings but lifted FY19 earnings by 3.5%. TP lowered slightly to HK$8.5/sh vs HK$ 8.6/sh previously due to FX assumption change  

Price catalyst

12-month price target: HK$8.50 based on a PER methodology. 

Catalyst: 3QFY18 operating data, 2HFY18 results, M&A, potential dividend announcement  

Action and recommendation

Maintain Neutral. Li Ning is trading at 21x FY19 PER. 

image.png

查看相关PDF
相关股票:
李宁 hk02331 +自选