DBS Group Research (08/26)-2331李宁

Abstract
DBS Group Research . Equity-26 August 2010-2331
Li Ning-BUY HK$25.95--Price Target : 12-month HK$34.65-Results slightly above expectations. Slower sales growth--compensated by stronger margins
• Higher interim payout of 40%
• Expect 2H momentum to accelerate on stronger order book
--- expects momentum to accelerate in the 2H considering the stronger
order book in Q3-4 (up 20.3%). While production costs are rising in general, -- believe Li Ning will sustain, if not expand, its margins through improving supply chain management and
continual ASP upgrades. ---) have maintained forecast largely unchanged. Trading at 20.8x FY10 PE, valuation is undemanding and has yet to reflect its solid earnings growth
(est. FY09-11 earnings CAGR at 22%). Maintain BUY with TP unchanged at HK$34.65 (22x FY11 PE).


Porky's Response-
技術，
週線圖價格和KDJ（9,3,3)做了三頂
月線圖雙頂;2009年以來KDJ(9,3,3)連續3更低的頂部

術數
李寧:1963年9月8日－
日　　　　月　　　　年
甲　　　　辛　　　　癸
寅　　　　酉　　　　卯
42　→　　　52　丙辰
　　2331 IPO :2004/6/28
時　　　　日　　　　月　　　　年
丁　　　　戊　　　　庚　　　　甲
巳　　　　寅　　　　午　　　　申　
3　→　　　14　辛未
2010庚寅 Aug甲申