Huge boost in short run growth with high yield

M N 13 May 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Huge boost in short run growth with high yield Overall, we find the arrangement accretive (thus revising up FY24E-26E NP by Target Price HK$7.63 2% to 5%) for Xtep in the short run and turn more positive on its near-term (Previous TP HK$6.31) outlook. With its rather undemanding valuation (10x FY24E P/E and 14% yield), Up/Downside 40.4% we maintain BUY with a new TP of HK$7.63, based on 14x FY24E P/E. Current ...