李宁：FY24E target maintained but we are cautious

28 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) FY24E target maintained but we are cautious 3Q24 retail sales growth slightly beat our expectation. We are still cautious about its FY24E guidance (due to weak demand and pile-up of inventory), but we still think a gradual improvement into FY25E is likely. And given its not-sodemanding valuation of 11x FY25E P/E and 4% FY25E yield, we maintain BUY. The Company maintained its FY24E target but we ...