DOCSLIB.ORG

Xtep International Holdings Ltd Target Price: HKD5.20 Price: HKD3.21 Attractively Priced As Concerns Are Overdone Market Cap: Usd918m Bloomberg Ticker: 1368 HK

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Xtep International Holdings Ltd Target Price: HKD5.20 Price: HKD3.21 Attractively Priced As Concerns Are Overdone Market Cap: Usd918m Bloomberg Ticker: 1368 HK Company Update Hong Kong 24 January 2017 Consumer Cyclical | Sportswear Buy (Maintained) Xtep International Holdings Ltd Target Price: HKD5.20 Price: HKD3.21 Attractively Priced As Concerns Are Overdone Market Cap: USD918m Bloomberg Ticker: 1368 HK Maintain BUY on Xtep with a revised TP of HKD5.20 (from HKD5.70, 62% Share Data upside) due to our lower earnings forecasts. We keep our upbeat view, as: Avg Daily Turnover (HKD/USD) 10.1m/1.32m 1. We expect recurring NP growth to pick up to double-digit levels in 52-wk Price low/high (HKD) 3.15 - 4.64 FY17, after being flattish in FY16; 2. Its FY17F P/E of 9x is undemanding, and at a 20% discount to the Free Float (%) 40 sector average of 11x; Shares outstanding (m) 2,149 3. Its FY17F dividend yield of 7% is also generous. Estimated Return 62% Distributor flattening exercise. We now estimate accounts receivable (AR) Shareholders (%) provisions of about CNY50m in 2H16 from nil (1H16: CNY64m), as a part of Mr Ding Shui Po 60.3 Xtep International Holdings’ (Xtep) distributor flattening exercise. Xtep is granting longer credit terms to its Tier-1 and Tier-2 distributors so they have more cash to take over the operations of distributors in Tiers 3-5. Xtep expects such provisions to be written back once credit terms are re-tightened, as these Share Performance (%) distributors have repaid to date. We also expect inventory provisions from the restructuring of Xtep Kids, although done on a smaller scale as Xtep Kids YTD 1m 3m 6m 12m represents less than 5% of total sales. As we deem such provisioning as Absolute (1.5) (2.7) (11.1) (22.3) (17.1) operational, we have not excluded them from our recurring NP forecasts. Relative (5.5) (8.8) (9.0) (26.5) (37.0) Stabilisation of trade fair growth. As we expect a higher proportion of sales Source: Bloomberg from e-commerce and replacement orders, future trade fair orders are likely to XTEP International Holdings Ltd (1368 HK) account for a smaller proportion of group sales – this is in line with Price Close Relative to Hang Seng Index (RHS) management’s view. Trade fair sales are likely to maintain a slower growth momentum (latest 2Q17: “low single-digit (SD) growth”) in the next quarters. 4.5 111 4.0 94 Healthy channel inventory. Xtep prioritises channel inventory to be kept 3.5 78 3.0 61 between four to five months, using retail promotion directives and the 20 18 16 adjustment of trade order deliveries to maintain that retail metric. For 2H16, 14 12 management indicated that deliveries for trade fair orders in 3Q16 and 4Q16 10 8 were trimmed (vs original sales growth of “high SD”), in line with its previous 6 4 guidance. We note SSSG was decent at “mid-SD” growth for 3Q16. 2 Volm 16 16 16 16 16 16 - - - - - - Jul Revised estimates. We reduce FY16-18F recurring earnings by 6%/6%/3% to Jan Mar Sep Nov May incorporate higher provisions and increased costs to reinvigorate Xtep Kids. We have conservatively not factored in any potential provisional write-backs Source: Bloomberg BUY. Its share price has been pressured lately from concerns on slower reported trade fair orders and the impact of provisions on near-term earnings. We believe the bulk of these concerns have been priced in and that the counter offers deep value. We expect Xtep to achieve sustainable long-term growth of over 10% pa, as it maintains positive sales growth, expands GPMs via product mix upgrades, and grows operating margins (ex-provisions). Its current FY17F P/E is only 9x (sector average: 11x) while our HKD5.20 TP offers a 62% upside. Although we do not see immediate short-term catalysts, we see longer-term upside from Xtep’s leading position in the nascent football category, and its expansion into the female indoor fitness and yoga wear segments. Downside risks to our call include softening demand for apparel, faster-than-expected contraction of its retail store network, and higher provisioning costs. Forecasts and Valuations Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Total turnover (CNYm) 4,778 5,295 5,582 5,906 6,560 Reported net profit (CNYm) 478 623 650 729 826 Recurring net profit (CNYm) 478 623 650 729 826 Recurring net profit growth (%) (21.1) 30.3 4.4 12.2 13.3 Recurring EPS (CNY) 0.22 0.29 0.29 0.33 0.37 DPS (CNY) 0.13 0.17 0.18 0.20 0.22 Recurring P/E (x) 13.0 9.8 9.7 8.6 7.6 P/B (x) 1.32 1.26 1.23 1.16 1.09 P/CF (x) na 9.1 10.0 8.8 8.3 Dividend Yield (%) 4.7 6.1 6.2 7.0 7.9 Analyst EV/EBITDA (x) 5.02 3.81 3.31 2.87 2.46 Robin Yuen, CFA Return on average equity (%) 10.4 13.0 13.0 13.9 14.8 Net debt to equity net cash net cash net cash net cash net cash +852 2103 9202 Our vs consensus EPS (adjusted) (%) (8.7) (8.9) (5.1) [email protected] Source: Company data, RHB See important disclosures at the end of this report 1 Powered by the EFA Platform Xtep International Holdings Ltd Hong Kong Company Update 24 January 2017 Consumer Cyclical | Sportswear Financial Exhibits Financial model updated on: 2017-01-17. Asia Financial summary Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Hong Kong Recurring EPS (CNY) 0.22 0.29 0.29 0.33 0.37 Consumer Cyclical EPS (CNY) 0.22 0.29 0.29 0.33 0.37 Xtep International Holdings Ltd DPS (CNY) 0.13 0.17 0.18 0.20 0.22 Bloomberg 1368 HK BVPS (CNY) 2.16 2.26 2.32 2.45 2.60 Buy Weighted avg adjusted shares (m) 2,177 2,149 2,203 2,203 2,203 Valuation basis Valuation metrics Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F DCF Recurring P/E (x) 13.0 9.8 9.7 8.6 7.6 P/E (x) 13.0 9.8 9.7 8.6 7.6 Key drivers P/B (x) 1.32 1.26 1.23 1.16 1.09 i. Product mix upgrade; FCF Yield (%) (2.0) 10.0 7.6 9.0 9.6 ii. Sports participation rate. Dividend Yield (%) 4.7 6.1 6.2 7.0 7.9 EV/EBITDA (x) 5.02 3.81 3.31 2.87 2.46 Key risks EV/EBIT (x) 5.37 4.09 3.51 3.03 2.58 i. Channel oversupply; ii. Homogenisation; iii. Competition prices. Income statement (CNYm) Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Total turnover 4,778 5,295 5,582 5,906 6,560 Company Profile Gross profit 1,947 2,237 2,429 2,592 2,900 Xtep is amongst the top 3 domestic sportswear brands EBITDA 705 833 979 1,084 1,218 in China, with over 7,000 stores in its network. It Depreciation and amortisation (45) (57) (57) (57) (57) operates on an asset-light wholesale model that relies Operating profit 660 776 922 1,027 1,161 on franchisees to exclusively distribute its branded Net interest (38) (28) (20) (14) (12) goods at retail outlets. Pre-tax profit 770 893 993 1,103 1,239 Taxation (284) (257) (283) (314) (353) Minority interests (8) (14) (60) (60) (60) Recurring net profit 478 623 650 729 826 Cash flow (CNYm) Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Change in working capital (417) 163 (70) (57) (112) Cash flow from operations (16) 669 626 712 753 Capex (106) (59) (150) (150) (150) Cash flow from investing activities (538) 397 (160) (160) (160) Proceeds from issue of shares 2 36 0 0 0 Dividends paid (288) (317) (390) (437) (496) Cash flow from financing activities 17 (720) (450) (497) (556) Cash at beginning of period 3,563 3,247 3,671 3,757 3,888 Net change in cash (537) 346 16 55 37 Ending balance cash 3,027 3,600 3,687 3,812 3,925 Balance sheet (CNYm) Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Total cash and equivalents 4,443 4,377 4,463 4,594 4,709 Tangible fixed assets 857 863 966 1,069 1,173 Intangible assets (3) (8) (13) (18) (23) Total investments 58 197 197 197 197 Total other assets 5 11 16 21 26 Total assets 7,864 8,114 8,432 8,803 9,301 Short-term debt 1,222 1,489 1,489 1,489 1,489 Total long-term debt 617 121 121 121 121 Other liabilities 0 2 2 2 2 Total liabilities 3,154 3,242 3,300 3,380 3,548 Shareholders' equity 4,700 4,852 5,112 5,403 5,734 Minority interests 10 20 20 20 20 Total equity 4,710 4,872 5,132 5,423 5,753 Net debt (2,604) (2,766) (2,853) (2,983) (3,098) Total liabilities & equity 7,864 8,114 8,432 8,803 9,301 Key metrics Dec-14 Dec-15 Dec-16F Dec-17F Dec-18F Revenue growth (%) 10.0 10.8 5.4 5.8 11.1 Recurrent EPS growth (%) (21.1) 32.0 1.8 12.2 13.3 Gross margin (%) 40.8 42.2 43.5 43.9 44.2 Operating EBITDA margin (%) 14.8 15.7 17.5 18.4 18.6 Net profit margin (%) 10.0 11.8 11.6 12.3 12.6 Dividend payout ratio (%) 60.3 59.9 60.0 60.0 60.0 Capex/sales (%) 2.2 1.1 2.7 2.5 2.3 Interest cover (x) 17.2 27.9 47.0 74.1 94.7 Source: Company data, RHB See important disclosures at the end of this report 2 Xtep International Holdings Ltd Hong Kong Company Update 24 January 2017 Consumer Cyclical | Sportswear Figure 1: Key changes to estimates New Estimates Old Estimates Difference FYE Dec (CNYm) 2016F 2017F 2018F 2016F 2017F 2018F 2016F 2017F 2018F Sales 5,582 5,906 6,560 5,582 5,944 6,560 0.0% -0.6% 0.0% COGS -3,153 -3,314 -3,660 -3,153 -3,335 -3,660 Gross profit 2,429 2,592 2,900 2,429 2,609 2,900 0.0% -0.6% 0.0% Selling & distribution -893 -1,004 -1,115 -893 -981 -1,115 0.0% 2.4% 0.0% General & administrative -614 -561 -623 -558 -535 -590 10.0% 4.9% 5.6% Other income 90 90 90 90 90 90 0.0% 0.0% 0.0% EBIT 1,012 1,117 1,251 1,068 1,183 1,284 -5.2% -5.6% -2.6% Net finance costs -20 -14 -12 -20 -14 -12 PBT 993 1,103 1,239 1,048 1,170 1,272 Tax -283 -314 -353 -299 -333 -363 Profit for the year 710 789 886 750 836 910 -5.3% -5.7% -2.6% Minority interest 60 60 60 60 60 60 NP to equity 650 729 826 690 776 850 -5.8% -6.1% -2.8% One-off adjustments 0 0 0 0 0 0 Recurring NP (Equity) 650 729 826 690 776 850 -5.8% -6.1% -2.8% EPS (Basic, CNY) 0.295 0.331 0.375 0.313 0.352 0.386 -5.8% -6.1% -2.8% DPS (CNY) 0.18 0.20 0.22 0.19 0.21 0.23 -5.8% -6.1% -2.8% As % of sales GP margin 43.5% 43.9% 44.2% 43.5% 43.9% 44.2% 0.0ppt 0.0ppt 0.0ppt SG&A expenses 27.0% 26.5% 26.5% 26.0% 25.5% 26.0% 1.0ppt 1.0ppt 0.5ppt EBIT margin 18.1%
Load more

Recommended publications
  • Xtep International (1368 HK)
    Xtep International (1368 HK) Rating Maintain BUY A soft 3Q19 but still on the right track Target price HK$6.34 From HK$6.83 Current price HK$4.44 Upside.+42.7% Soft 3Q19 triggered sell off, still on track to achieve FY19E guidance Company Update Xtep posted a relatively soft 3Q19 operational data, with both SSSG and retail sales slightly decelerated to ~10% and ~20% Yoy (vs. mid-teens/>20% in 2Q19), 23 October 2019 with retail discount widened to 22-25% (vs. 20-25% in 2Q19). Xtep’s share price tumbled 16% after the release. Xtep attributed the mild slow down to warm Hayman Chiu weather, which hurt the retail sales of the newly launched fall winter products. [email protected] Xtep added that retail performance in the first half of October returned to similar levels as in July/August with similar retail discount in 3Q19, while inventory level (852) 2235 7677 continue to stay at a healthy level of ~4 months. Trading Data Though having faced a mild 3Q19, we believe Xtep is still on track to achieve its 52-Week Range (HK$) 6.74/3.81 FY19E revenue growth guidance of ~20%, driven by low teens growth in shoes 3 Mth Avg Daily Vol (m) 10.19 and ~30% growth in apparel, while keeping a stable GM in our view. No of Shares (m) 2,499.7 Market Cap (HK$m) 11,524.9 JV with Wolverine, K-Swiss and Palladium still in ramp up/ restructure Major Shareholders (%) Group Success (54.1%) stage, negligible contribution in the near term Auditors Ernst & Young Result Due FY19: Mar 2020 The acquisition of E-Land Footwear USA (incl.
    [Show full text]
  • Taiwanese College Students' Purchase Intention Toward Chinese Sportswear Brands
    TAIWANESE COLLEGE STUDENTS’ PURCHASE INTENTION TOWARD CHINESE SPORTSWEAR BRANDS A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN THE GRADUATE SCHOOL OF THE TEXAS WOMAN’S UNIVERSITY DEPARTMENT OF KINESIOLOGY COLLEGE OF HEALTH SCIENCES BY CHIN-HUNG YU, B.A., M.A. DENTON, TEXAS MAY 2017 Copyright © Chin-Hung, Yu, 2017 all rights reserved. iii DEDICATION For my dad, mother, sisters, and my wife, thank you for your never-ending patience and love. Without you, finishing this dissertation would not have been possible. iv ACKNOWLEDGMENTS I would like to express the deepest appreciation to my committee chair Dr. Weatherford, who has the attitude and the substance of a genius. She was continually encouraging, guiding, caring, patient, and provided me with an excellent atmosphere for completing my dissertation. Without her guidance and persistent help this dissertation would not have been possible. I would like to thank my committee members, Dr. Nichols and Dr. Rylander, whose work demonstrated to me their concern for my research by an “engagement” in providing advice. In addition, I want to thank to my professors Dr. Miloch, Dr. Graham, Dr. Chen, and Dr. Palmer. Dr. Chen was my professor during my undergraduate studies who encouraged and sent me to the United States to pursue my dream. Dr. Miloch was my doctoral professor who taught and encouraged me to finish the program. Dr. Graham was super nice and willing to help with my grammar and took time to read my dissertation. Dr. Palmer provided me the opportunity to work in Pioneer Hall and helped me to assimilate into American culture.
    [Show full text]
  • Company Report Hong Kong Equity Research
    Monday, November 16, 2015 China Merchants Securities (HK) Co., Ltd. Company Report Hong Kong Equity Research 361 Degrees (1361 HK) Eugene MAK Lewis WONG 852-3189 6343 852-3189 6160 Attractive risk/return driven by strong sportswear sector [email protected] [email protected] ■ 361 Degrees (361) has been relatively overlooked despite the current sportswear sector upcycle due to company specific risks. WHAT’S NEW ■ We view the realization of the risks to be unlikely and hence 361 Assume coverage to be undervalued, making it a potential laggard play ■ Attractive risk/reward given 9x FY16E P/E vs 13x sector average BUY and earnings growth outlook. Assume coverage with BUY rating Previous N/A Riding the sportswear upcycle wave Price HK$2.99 We expect a FY15E/16E/17E earnings growth of 20%/11%/14% YoY with 12-month Target Price HK$3.61 (+21%) upcoming share price catalysts from i) FY15 annual results and ii) double (Potential upside) digit sales fair value YoY growth figures to be maintained for its upcoming 3Q/4Q16 sales fairs. Earnings growth will be driven by FY5E/16E/17E Previous N/A revenue growth of 11%/14%/13% YoY as China’s sportswear sector Price Performance continues to turnaround from increased consumer demand (from (%) increased demand in sports performance products as health awareness 60 1361 HSI Index grows and participation in sports by the Chinese increases). As one of the leading Chinese sportswear brands, we expect 361 to continue to 40 benefit from this sector upcycle which can be seen through successive 20 improvements in 361’s SSSG (1Q14’s 2% to 3Q15’s 8%) and sales fair figures while channel inventory remains healthy at 4x inventory-to- 0 monthly sales.
    [Show full text]
  • Il Nome Del Prodotto. Marchi, Termini E Professioni
    Il Nome del Prodotto. Marchi, Termini e Professioni a cura di Capitoli di Assunta Caruso Maria Teresa Zanola Claudio Grimaldi Beatrice Ferrari Victoria Bogushevskaya Carmen Fiano, Cristiano Furiassi e Kosztasz Panajotu Virginia Formisano e Agnese Daniela Grimaldi Micol Forte e Alessandra Della Penna Aldo Frigerio e Maria Paola Tenchini Silvia Gilardoni Alessandro Maisto, Serena Pelosi, Michele Stingo e Raffaele Guarasci Francesco Nacchia e Vittoria Massaro Assunta Caruso e Claudio Grimaldi Università del Salento 22/2017 Numero speciale Il Nome del Prodotto. Marchi, Termini e Professioni a cura di Assunta Caruso Claudio Grimaldi 2017 LINGUE E LINGUAGGI Pubblicazione del Dipartimento di Studi Umanistici dell'Università del Salento. Tutti i contributi pubblicati in Lingue e Linguaggi sono stati sottoposti a double-blind peer-review. Numero 22/2017 COMITATO DI CONSULENZA SCIENTIFICA DELLA RIVISTA Orietta Abbati, Università di Torino Jean René Klein, Université catholique de Louvain Jörn C. Albrecht, Rupprecht-Karls-Universität Heidelberg Emil Lafe, Centro di Studi Albanologici, Tirana Pedro Álvarez de Miranda, Real Academia Española Elena Landone, Università di Sassari Carmen Argondizzo, Università della Calabria Anna Maria Laserra, Università degli Studi di Salerno Sara Augusto, Universidade de Coimbra Lucilla Lopriore, Università degli Studi Roma 3 Gabriele Azzaro, Università di Bologna Monica Lupetti, Università di Pisa Marcos Bagno, Universidade de Brasília Stefania Maci, Università degli Studi di Bergamo Jean-Philippe Barnabé, Université de Picardie (Amiens, Francia), France Aldo Antonio Magagnino, Professional literary translator, Italy Carla Barbosa Moreira, Universidade Federal Fluminense – Brasile Francisco Martín, Università degli Studi di Torino Simona Bertacco, University of Louisville, USA Daniela Mauri, Università degli Studi di Milano Roberto Bertozzi, Università di Chieti-Pescara Selena Millares, Universidad Autónoma de Madrid Silvia Betti, Alma Mater-Università di Bologna Sandro M.
    [Show full text]
  • Presentation 23 August 2021 1H2021 Highlights
    Xtep International Holdings Limited (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 1368.HK 2021 Interim Results Presentation 23 August 2021 1H2021 Highlights Revenue Net cash and cash equivalents RMB 4,135 m 12.4% RMB 2,580 m 31 Dec 2020: RMB 2,251 m Profit attributable to ordinary Interim dividend per Share equity holders HK 11.5 cents 76.9% RMB 427 m 72.0% Payout ratio: 60.0% 6,015 ~4 months Xtep branded stores Core Xtep brand in Mainland China and Retail channel inventory turnover overseas as at 30 June 2021 as at 30 June 2021 2 Financial Review Consolidated Income Statement RMB m 1H2021 1H2020 YoY change Revenue 4,135 3,679 +12.4% Gross profit 1,729 1,489 +16.1% Selling & distribution and general & 1,257 1,198 +4.9% administration expenses (“SG&A”) Operating profit 684 501 +36.5% Profit attributable to ordinary equity holders 427 248 +72.0% Basic earnings per Share RMB 17.1 cents RMB 10.1 cents +69.2% Gross profit margin 41.8% 40.5% +1.3% pts SG&A to revenue ratio 30.4% 32.6% -2.2% pts Operating profit margin 16.5% 13.6% +2.9% pts Net profit margin 10.3% 6.7% +3.6% pts 4 Consolidated Balance Sheet RMB m 30 Jun 2021 31 Dec 2020 Change Current assets 8,936 9,027 -1.0% Current liabilities 3,296 3,334 -1.2% Cash and cash equivalents (A) 3,758 3,472 +8.2% Pledged bank deposits and term deposits (B) 760 937 -18.9% Bank borrowings (C) 1,938 2,158 -10.2% Net cash and cash equivalents = (A)+(B)-(C) 2,580 2,251 +14.6% Net current assets 5,640 5,693 -0.9% Current asset ratio (times) 2.7x 2.7x No change Gearing ratio1
    [Show full text]
  • Company: NIKE, Inc (NKE) Nielsen Fields, CFA Action: Long W/ a May-2022 Price Target of ~$90 [email protected] IRR: 12% Over 5 Years April 25, 2017
    Company: NIKE, Inc (NKE) Nielsen Fields, CFA Action: Long w/ a May-2022 Price Target of ~$90 [email protected] IRR: 12% over 5 Years April 25, 2017 Executive Summary NIKE, Inc is a BUY given that I expect business value to compound annually in the low teens through early 2022. Shares at ~$56 allow the long-term investor to pay slightly below fair value for the world leader in athletic footwear and apparel, and at just 25% of the footwear and 5% of the apparel global market, NIKE’s competitive advantages in local economies of scale – on a product by product and geographic basis – in advertising and sponsorship will allow the company to grow earnings at a low double digit rate. My base case valuation has NIKE valued at ~$90 in five years – $65 today at an 8% discount rate – representinG an 11% annualized return includinG dividends. Not setting the world on fire however the risk/reward is attractive given you do not lose much in my bear case of $43 yet would double your money in my bull case of $120; a case still more conservative than what management outlined at their 2015 analyst day. 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A SUMMARY INFORMATION (Figures in millions, FYE 5/31) Key Items: NKE Summary Financials: Current Price $55.9 Revenue 18,627 19,176 19,014 20,117 23,331 25,313 27,799 30,601 32,376 Shares Out 1,654 Growth 14.1% 2.9% (0.8%) 5.8% 16.0% 8.5% 9.8% 10.1% 5.8% Market Cap $92,388 Gross Profit 8,387 8,604 8,800 9,202 10,148 11,034 12,446 14,067 14,971 - Cash (6,160.0) Gross Margin 45.0% 44.9%
    [Show full text]
  • © This Is a Licensed Product of Ken Research and Should Not Be Copied
    1 © This is a licensed product of Ken Research and should not be copied TABLE OF CONTENTS 1. Asia-Pacific Athletic Apparel and Footwear Industry Introduction 1.1. Asia-Pacific Athletic Wear Market Size by Revenue, 2006-2012 1.1.1. By Athletic Apparel, 2006-2012 1.1.2. By Athletic Footwear, 2006-2012 2. Asia-Pacific Athletic Wear Market Segmentation, 2006-2012 2.1. By Athletic Apparel and Footwear, 2006-2012 2.2. By Geography, 2006-2012 3. China Athletic Apparel and Footwear Industry Introduction 3.1. China Athletic Wear Market Size, 2006-2012 3.1.1. By Athletic Apparel, 2006-2012 3.1.2. By Athletic Footwear, 2006-2012 3.2. China Athletic Wear Market Segmentation 3.2.1. By Athletic Apparel and Footwear, 2006-2012 3.2.2. Atheltic Apparel by Gender, 2012 3.2.3. Athletic Footwear By Product Categories, 2012 3.2.4. Athletic Footwear by Gender, 2012 3.2.5. China Indoor Athletic Wear Market 3.2.5.1. Indoor Athletic Wear Market Size, 2007-2012 3.2.5.2. Indoor Athletic Wear Market Segmentation, 2007- 2012 3.3. China Athletic Apparel and Footwear Industry: Trends and Developments Increasing Sports Participation The Post Olympics Effect: Leading to a Slowdown in Demand Emerging Fashion Trends in Sports Industry 3.4. Market Share of Major Players in China Athletic Wear Market, 2011 3.4.1. By Athletic Apparel, 2011 2 © This is a licensed product of Ken Research and should not be copied 3.4.2. By Atheltic Footwear, 2011 3.5. China Athletic Apparel and Footwear Market Future Outlook and Projections, 2013- 2017 3.6.
    [Show full text]
  • Scaricabili Gratuitamente Al Seguente Link: L’Atleta Vibram Javier Dominguez Speedo.Com/Uk/En/Speedo-Fit-1Kwet.Html Vince Il Tor Des Géants
    ANNO 6 - NUMERO 9 - 2017 MAGAZINE Editore Sport Press S.r.l. - Corso della Resistenza, 23 - 20821 Meda (MB) Tel. +39 02.87245180 - Fax 02.87245182 - e-mail: [email protected] - Direttore responsabile: Angelo Frigerio - Periodico mensile - Registrazione al Trib. di Milano n. 38 del 20 gennaio 2012 - Poste 38 del 20 gennaio 2012 - Poste di Milano n. Trib. mensile - Registrazione al - Periodico Angelo Frigerio [email protected] - Direttore responsabile: 02.87245182 - e-mail: +39 02.87245180 - Fax Tel. 23 - 20821 Meda (MB) - Corso della Resistenza, Editore Sport Press S.r.l. inviare all’ufficio postale di Roserio per la restituzione al mittente che si impegna a pagare Ingraph la relativa - Seregno (MB) In caso di mancato tariffa. recapito, 1 Comma LO/MI - Stampa: Art. in Legge 46/2004 353/2003 - conv. Italiane SpA Spedizione in abbonamento postale - D.L. ANNO 6 - NUMERO 9 - 2017 ANNIVERSARI 25 EDITORIA 14 34 Buff: 25 anni di multifunzionalità A New York con Diadora. Parla Gelindo Bordin MARKETING 26 Il variopinto QUEST’ANNO RICORRE L’ANNIVERSARIO mondo del running La nuova campagna DELLO SCALDACOLLO TUBOLARE ADV di M.I.T.I. PIÙ FAMOSO AL MONDO a fumetti BRAND PROFILE 24 RETAIL 16 brooks levitate Oxyburn, tecnologia Record Store sostenibile si veste di Mizuno DEL MESE SCARPA ALLE PAGINE CENTRALI FOCUS PRODOTTO 19 REPORTAGE UTMB 30-3126 PARTNERSHIP I 15 JABRA I La maratona ELITE SPORT di Roma sbarca in Cina DATI & STATISTICHE I IL FOOTWEAR SORPASSA ASICS I GEL-FUJIRADO Emozioni Ultra L’APPAREL E VINCE (NEL 2016) 12-13 22 SOTTO LA LENTE 36 CHARITY I DESERT4KIDS 28 EVENTI I IL LANCIO DELLE BROOKS GLYCERIN 15 32 GARE I SCOTT ENDURO RUN 35 Reebok TOUR I URBAN RUNNING E STREET ART CON STANCE 37 Floatride Run THULE I URBAN GLIDE CRO TRAIL TRA ITALIA E FRANCIA 38 [email protected] / www.runningmag.it RUNNING MAGAZINE EDITORIALE • DI BENEDETTO SIRONI n.
    [Show full text]
  • Top 10 Relative Contributors and Detractors Equity Funds Quarter End As of June 30, 2021
    Top 10 Relative Contributors and Detractors Equity Funds Quarter End as of June 30, 2021 Holdings are subject to change. The information below is derived using the portfolio's holdings as of the beginning of each month included in the quarter ending on the date indicated, does not reflect intramonth trading activities, and may not be representative of the current or future investments of the portfolio. Portfolio and index weights below are average weights in each company over the period as represented by the portfolio's holdings or the index's constituents as of the beginning of each month included in the quarter. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy or sell the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. To obtain a list showing every holding as a percentage of the portfolio at the end of the most recent publicly available disclosure period, visit www.dimensional.com. Relative Contribution Difference reflects how the portfolio's holdings impacted return relative to the benchmark. Relative Contribution Difference compares the performance of a security in the portfolio to the benchmark’s total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily security returns and month end weights. In aggregate, portfolio return estimates are gross of advisory fees, may exclude certain derivatives and will differ from actual fund performance.
    [Show full text]
  • Xtep International Holdings Ltd Target Price: HKD4.90 Price: HKD3.72 Still Represents Good Value Market Cap: USD1,064M Bloomberg Ticker: 1368 HK
    Results Review Hong Kong FY16: missed expectations 20 March 2017 Consumer Cyclical | Sportswear Buy (Maintained) Xtep International Holdings Ltd Target Price: HKD4.90 Price: HKD3.72 Still Represents Good Value Market Cap: USD1,064m Bloomberg Ticker: 1368 HK We keep our BUY but with a lower HKD4.90 TP (vs HKD5.20, 32% Share Data downside) due to a weaker sales outlook. We expect FY17 sales growth to Avg Daily Turnover (HKD/USD) 11.2m/1.44m stay in the low single-digits, as Xtep continues to cut trade fair order deliveries, while more provisions (albeit at a smaller quantum) may 52-wk Price low/high (HKD) 3.15 - 4.64 continue to hurt NP. We stay positive on Xtep in the longer term as it still Free Float (%) 40 offers significant value due to its high net cash and free cash flow (FY17F Shares outstanding (m) 2,149 dividend yield: 5.5%). However in the short to mid term, slower sales Estimated Return 32% growth, lower visibility and broker downgrades may keep stock price depressed. Shareholders (%) Mr Ding Shui Po 60.3 FY17 sales to be subdued. Xtep may continue to reduce trade fair deliveries in 2017, after it did so several times in 2016. Our FY17F sales may likely grow by the low single digits (SD) after we apply a discount to 1Q17F, 2Q17F and 3Q17F trade fair orders growth of mid SD, low SD and low SD respectively. Share Performance (%) No more disclosure of trade fair data? It is considering to stop reporting trade YTD 1m 3m 6m 12m fair figures from the 2018 collection onwards, as it regards trade fair numbers as “becoming less representative” due to higher replenishment orders taken, its Absolute 14.1 6.0 8.8 0.0 (5.8) growing e-commerce business and reduced order deliveries.
    [Show full text]
  • Omni-Brand: the Paradox of Global Acceptance and Local Authenticity
    OMNI-BRAND: THE PARADOX OF GLOBAL ACCEPTANCE AND LOCAL AUTHENTICITY by ELLEN SCHMIDT-DEVLIN Design and Innovation Fellow Submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy Weatherhead School of Management Designing Sustainable Systems CASE WESTERN RESERVE UNIVERSITY May, 2020 CASE WESTERN RESERVE UNIVERSITY SCHOOL OF GRADUATE STUDIES We hereby approve the dissertation of Ellen Schmidt-Devlin candidate for the degree of Doctor of Philosophy*. Committee Chair Casey Newmeyer, Ph.D., Case Western Reserve University Committee Member Kalle J. Lyytinen, Ph.D., Case Western Reserve University Committee Member Ayşegül Özsomer, Ph.D., Koç University, Istanbul, Turkey Committee Member Roger Best, Ph.D., Professor Emeritus, University of Oregon Date of Defense February 10, 2020 *We also certify that written approval has been obtained for any proprietary material contained therein. © Copyright by Ellen Schmidt-Devlin, 2020 All Rights Reserved. Dedication In loving memory of my father, Norman A. Schmidt, and in honor of my beautiful mother, Charlotte Adele Schwab Schmidt. Their commitment to lifelong learning inspires me daily. Table of Contents List of Tables ................................................................................................................... viii List of Figures ......................................................................................................................x Abstract ...........................................................................................................................
    [Show full text]
  • [For Immediate Release]
    [For Immediate Release] Xtep International Holdings Limited Incorporated in the Cayman Islands with Limited Liability (HKSE Stock Code: 1368) Hillhouse Makes US$65 Million Strategic Investment in “K-Swiss” & “Palladium” and Invests HK$500 Million in Xtep 15 June 2021, Hong Kong – Leading PRC-based professional sportswear enterprise Xtep International Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) (Stock code: 1368.HK) today announced that Hillhouse Group and Xtep Global Investment Limited (“Xtep Global”), the business operator as well as the ultimate owner of the “K-Swiss” and “Palladium” (the “Brands”), have formed a strategic partnership wherein Hillhouse invested in Xtep Global in the aggregate principal amount of US$65 million (approximately HK$505.7 million) to pursue the global business development of the Brands, namely “K-Swiss” and “Palladium”. In addition, Hillhouse also entered into another Subscription Agreement with the Company with respect to the convertible bond issued by the Company, in the aggregate principal amount of HK$500 million. The Group sees Hillhouse as a strategic investor for their possession of significant operating resources and industry expertise in the retail sector of the Greater China market. The Group believes Hillhouse’s deep vertical knowledge in the consumer service sectors and its extensive online and offline networks and capabilities will bring about the innovative element to the business operations of “K-Swiss” and “Palladium”. With the introduction of Hillhouse, the Group believes that the competitive positioning and profitability of the Brands will be improved. The Group looks forward to fully unlocking the potential of the Brands in the rapidly growing sportswear market in China.
    [Show full text]