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Chinese sportswear company Li Ning’s first-half results came in ahead of the forecasts with in-line operating profit margin and estimate-beating net profit, Goldman Sachs said in a note.
The bank forecast Li Ning’s sales to grow by 15% and 17% on a year-on-year basis in 2023 and the second half of 2023, respectively.
The operating revenue and profit are likely to chart rosy performance in the fourth quarter, owing to the lower base, it said.
Goldman viewed Li Ning’s payout of interim dividend as a positive factor that could lead to better shareholder returns.
It slightly raised the target price on the stock from HK$57 to HK$58, with its rating kept at Buy.