报告名称：Li Ning Co Ltd(02331.HK)Turning around upgrading to Buy
报告类型：港股研究
报告日期：2016-05-18
研究机构：德意志银行
股票名称：李宁
股票代码：02331
页数：18
简介：Growing confidence on recovery from five-year down cycle, led by retail
Higher sell-through, lower inventory, and shifted company focus
Profitability recovery at retail business comes first
Valuation & risks
Our DCF-based PT assumes CoE of 11.2%, risk-free rate of 3.9%, equity riskpremium of 5.6% beta of 1.3, and a perpetual growth rate of 1%, in line withthe Hong Kong and China consumer discretionary space at 1-2%. Our PTimplies a 16.5x PER (no change from the previous update; mean during 2008-12) vs. the company’s current valuation of 14x, based on fully diluted recurring2H16 and 17E EPS. Downside risks: execution, transitional gross marginvolatility, weaker wholesale revenue growth, etc.

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