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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. -
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. -
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. -
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. -
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. -
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 -
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% -
Newsletter Toro 2007
Newsletter Toro 2007 Official bulletin of the 14th SPAR European Cross Country Championships # 4 - 3rd DECEMBER 2007 SUMMARY CONTENTS PUBLISHED BY COORDINATION Final entries................................pág. 1 Organising Committee Marco Alonso Great names in Toro.................pág. 2 Toro 2007 Ignacio Mansilla Press conference in Diputación...pág. 3 We interview Sergiy Lebid .......pag. 4 464464 athletesathletes fromfrom 3030 countriescountries inin thethe finalfinal entriesentries On the 1st December the Armenia, Belgium, Belarus, 55 athletes respectively). categories. They are France, results of the final entries of the Bosnia Herzegovina, Bulgaria, Regarding the participant coun- Great Britain, Ireland, Italy and SPAR European Cross Country Croatia, Czech Republic, Den- tries, only five will compete in all Spain. Championships, to be held next mark, Estonia, Finland, France, 9th December in Toro’s Monte Germany, Great Britain, Hun- La Reina Course, were announ- gary, Ireland, Italy, Monaco, ced. 464 athletes from 30 coun- Netherlands, Norway, Poland, tries have been entered to take Portugal, Romania, Russia, part in these Championships, Serbia, Slovenia, Spain, Swe- which will have an official pro- den, Switzerland, Turkey and gramme of six races (senior, Ukraine. The record of partici- U23 and junior, both in men and pating countries was establis- women’s category). Teams can hed in the Malmö 2000 edition enter a maximum of eight athle- with 31, while the biggest num- tes per event of which only six ber of athletes was reached last will be allowed to take part in year in San Giorgio su Legnano the race. The final starting list with 468 athletes. will be announced after the By categories, the most celebration of the Technical numerous one is the Junior one, Meeting on the 8 December, with 96 athletes in men category starting at 12:00 hours in the and 91 in women. -
© 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. -
Dutch Athletics Team
Dutch Athletics Team 19th European Cross Country Championships Budapest | December 9, 2012 Royal Dutch Athletics Federation / Atletiekunie P.O. Box 60100 6800 JC Arnhem The Netherlands President: Theo Hoex General Secretary: John Bos Phone: +31(0)26 483 48 00 Fax: +31(0)26 483 48 01 E-mail: [email protected] Internet: www.atletiekunie.nl @atletiekunie facebook.com/Atletiekunie 2 Contents Timetable 4 Introduction 5 A word with Jip Vastenburg 6 Biographies 8 - Men 8 - Women 13 - Men U23 14 - Women U23 16 - Junior Women 18 - Staff 22 History and Statistics 23 Additional Information 30 Production 31 3 Timetable December 9, 2012 10:15 Junior Women (4,000 m) 10:39 Victory Ceremony Junior Women (Individual) 10:45 Victory Ceremony Junior Women (Teams) 10:55 Junior Men (6,025 m) 11:24 Victory Ceremony Junior Men (Individual) 11:30 Victory Ceremony Junior Men (Teams) 11:40 Women Under-23 (6,025 m) 12:09 Victory Ceremony Women Under-23 (Individual) 12:15 Victory Ceremony Women Under-23 (Teams) 12:25 Men Under-23 (8,050 m) 12:59 Victory Ceremony Men Under-23 (Individual) 13:05 Victory Ceremony Men Under-23 (Teams) 13:15 Women (8,050 m) 13:52 Victory Ceremony Women (Individual) 13:58 Victory Ceremony Women (Teams) 14:08 Men (9,880 m) 14:46 Victory Ceremony Men (Individual) 14:52 Victory Ceremony Men (Teams) 4 Introduction The Royal Dutch Athletics Federation is proud to present its delegation for the 19th European Cross Country Championships. Dutch Athletics has good memories of various championships in Hungary, including the 1998 European Track Championships which were also held in its beautiful capital. -
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. -
Atletica UISP on Line
Atletica UISP www.uisp.it on line Anno 2° - n.9 bis - ottobre 2011 Speciale mondiali di Daegu 2011 A cura della Redazione di e Foto di Giancarlo Colombo FIDAL Daegu (Corea del Sud) dal 27 agosto al 4 settembre 2011 13° Campionato mondiale di Atletica leggera Breve cronistoria dei 47 titoli assegnati Foto european-athletics.org Speciale Daegu - Speciale Daegu - 27 agosto 2011 27 agosto 2011 Maratona donne 10000 metri donne 1 Edna Ngeringwony Kiplagat KEN 2.28.43 1 Vivian Jepkemoi Cheruiyot KEN 30:48.98 2 Priscah Jeptoo KEN 2.29.00 2 Sally Kipyego KEN 30.50.04 3 Sharon Jemutai Cherop KEN 2.29.14 3 Linet Chepkwemoi Masai KEN 30.53.59 4 Bezunesh Bekele ETH 2.29.21 4 Priscah Jepleting Cherono KEN 30.56.43 5 Yukiko Akaba JPN 2.29.35 5 Meselech Melkamu ETH 30.56.55 6 Xiaolin Zhu CHN 2.29.58 6 Shitaye Eshete BRN 31.21.57 7 Isabellah Andersson SWE 2.30.13 7 Shalane Flanagan USA 31.25.57 8 Jiali Wang CHN 2.30.25 8 Ana Dulce Félix POR 31.37.03 9 Marisa Barros POR 2.30.29 9 Jennifer Rhines USA 31.47.59 10 Remi Nakazato JPN 2.30.52 10 Jessica Augusto POR 32:06.68 11 Rong Chen CHN 2.31.11 11 Tigist Kiros ETH 32.11.37 12 Aberu Kebede ETH 2.31.22 12 Christelle Daunay FRA 32.22.20 13 Irene Jerotich Kosgei KEN 2.31.29 13 Kara Goucher USA 32.29.58 14 Atsede Baysa ETH 2.31.37 14 Hikari Yoshimoto JPN 32.32.22 15 Tetyana Gamera-Shmyrko UKR 2.31.58 15 Kayo Sugihara JPN 32:53.89 16 Chaofeng Jia CHN 2.31.58 16 Krisztina Papp HUN 32.56.02 17 Tera Moody USA 2.32.04 17 Megumi Kinukawa JPN 34.08.37 18 Yoshimi Ozaki JPN 2.32.31 Meseret Defar ETH DNF 19 Azusa Nojiri