Pls see attached the full PDF research report, below is a highlight:
Key Points:
• Li Ning announced 31.6% growth in orders taken at the 2Q09 Trade Fair. Footwear saw a 10.2% increase in average retail price and an 18.9% increase in volume, while apparel products saw their average retail price increase by 11.8% and volume increase by 18.8%.
• Other companies’ numbers approach, or are just equal to, 30% for the same period, and this high growth across the sector shows it to be more defensive than other consumer sectors.
• We don’t think there’s much difference between 31.6% and 30% growth, but we still think it’s enough to warrant a “better than the rest” stance on Li Ning. More importantly, Li Ning’s order structure is healthier than that of other companies, with higher average price increases and better performance of the footwear segment.
 YFrDZR4A.rar (63.09 KB)
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发表于 2008-11-11 15:51
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