Zhi Tong Cai Jing·2025-12-01 06:16Core Viewpoint - UBS reports that Bosideng (03998) has released its financial results for the first half of the fiscal year ending September 2026, with both revenue and profit meeting expectations [1] Group 1: Financial Performance - Bosideng's management indicated that offline retail sales (including direct sales and distributors) achieved double-digit year-on-year growth from October to November [1] - The strategy of assisting franchisees in clearing old inventory has shown positive results, leading to a strong recovery in franchisee confidence [1] Group 2: Market Positioning - UBS believes that the core Bosideng brand focuses on the high-end market and has a clear, differentiated product mix, allowing it to effectively capture various consumer segments [1] Group 3: Price Target and Rating - Based on unchanged profit forecasts and updated risk-free rate assumptions, UBS raised the target price from HKD 5.87 to HKD 6.20, maintaining a "Buy" rating [1]