Operating quality to drive earnings growth

Li Ning | 2331.HK Rating BUY Maintain Operating quality to drive earnings growth Target price HK$29 .40 C Cuu rr rr ee nn t price HK$21.25 Upside: +38.4% Curren FY23 results met exp ectations Company update Li Ning (LN) FY23 results on 20th Mar with revenue and net profit of RMB27.6bn (+7% YoY) and RMB3,187mn (-21.6% YoY) respectively. And they declared a final dividend of 22 Mar 2024 RMB19cents, implying dividend payout ratio reached 45% (FY22: 30%). We joined their post result presentation, management pro ...