External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Xtep has become more cautious about 4Q22E and FY23E, due to weaken <span style="font-size: var(--content-font-size);">demand and mounting pressure on its inventory. </span></li><li><span style="font-size: var(--content-font-size);">But we maintain BUY and revise </span><span style="font-size: var(--content-font-size);">down its TP to HK$10.52, implying a 19x FY23E P/E (from SOTP valuation </span><span style="font-size: var(--content-font-size);">method), just because its valuation is not too demanding, at 15x FY23E P/E.</span></li><li><div><div><div><p>3Q22 was roughly inline, but slightly softened in Sep 2022.</p></div></div></div></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Xtep has become more cautious about 4Q22E and FY23E, due to weaken demand and mounting pressure on its inventory. But we maintain BUY and revise down its TP to HK$10.52, implying a 19x FY23E P/E (from SOTP valuation method), just because its valuation is not too demanding, at 15x FY23E P/E.3Q22 was roughly inline, but slightly softened in Sep 2022.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xtep (1368 HK) – Guidance softens with mounting inventory risks

Xtep International

Xtep (1368 HK) – Guidance softens with mounting inventory risks