Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 5.66 HKD, indicating an expected return of over 20% within the next six months [1]. Core Viewpoints - The strategic sale of KP Global Investment Limited, which includes the brands Gaiswei and Paladin for 150 million USD, aims to reduce brand losses and refocus on the core running business [1][2]. - The company plans to distribute a special dividend of approximately 150 million USD to reward investors following the completion of the sale [1]. - The financial restructuring is expected to optimize the company's performance, with projected revenues for 2024-2026 at 16 billion, 17.9 billion, and 19.8 billion RMB, respectively, and net profits of 1.17 billion, 1.34 billion, and 1.51 billion RMB [2]. Summary by Sections Investment Rating - The company is rated as "Buy" with a target price of 5.66 HKD [1]. Financial Performance - The company reported a loss of approximately 9 million USD for the two brands in Q1 2024, with expectations that losses for 2024 will be similar to those in 2023 [1]. - The asset-liability ratio stands at 48.5%, with a net asset value per share of 3.70 HKD [1]. Strategic Initiatives - The sale of KP Global is seen as a move to eliminate ongoing losses and improve cash flow, allowing the company to focus on its main brand and enhance collaboration among its brands [1]. - The company aims to leverage strong cash flow from its main brand to support the growth of its other brands, such as Saucony and Merrell [1].
特步国际：剥离KP减少拖累，聚焦跑步轻装启航