Zhi Tong Cai Jing·2025-12-03 06:06Core Viewpoint - The report from Credit Lyonnais indicates an upward adjustment of the target price for Bosideng (03998) from HKD 5.2 to HKD 5.8, driven by an increase in the forecasted price-to-earnings ratio to 13 times from the previous 12 times, highlighting an attractive risk-return profile with a projected dividend yield of 6.5% over the next 12 months [1] Group 1 - Bosideng's sales and net profit for the first half of the fiscal year increased by 1.4% and 5.3% year-on-year, respectively, aligning with expectations [1] - The management reiterated its guidance for fiscal year 2026, anticipating a 10% year-on-year sales growth, with net profit growth expected to exceed sales growth [1] - Since October, Bosideng's offline sales have recorded double-digit year-on-year growth, with a reduction in discount rates, while online sales maintained strong momentum during the Double Eleven shopping festival [1] Group 2 - The firm has revised its net profit forecasts for fiscal years 2026 to 2028 upwards by 1% to 2%, reflecting a more favorable business mix and stringent cost control, while sales forecasts remain largely unchanged [1]