China's sportswear group Li Ning jumps as yearly revenue rises

Li Ning

20/03/2024 02:52

** Shares of China's home grown sportswear group Li Ning Co
Ltd  2331.HK  jump 7.9% to HK$21.90, highest since March 14, and
on course for the second session of gains
    ** Stock marks the biggest one-day pct rise since March 12;
biggest pct gainer Hang Seng Index  .HSI , Hang Seng Commerce &
Industry Index  .HSNC  and Hang Seng China Enterprises Index
 .HSCE  
    ** Li Ning says its 2023 revenue up 7% YoY to 27.6 bln yuan 
($3.8 bln) while net profit down 21.5% YoY to 3.2 bln yuan;
proposes final dividend of 0.1854 yuan per share 
    ** Citi, with a "buy" rating on Li Ning, says fall in co's
2023 net profit is in line with forecast
    ** "We saw stabilizing inventory conditions, better than 
expected on-line retail sales in 4Q23, in-line full year 2023
earnings, significant amortizations in 2H23 and increased
dividend & buybacks" - Jefferies
    ** Stock of bigger rival ANTA Sports  2020.HK  rises 2.8%  
    ** Li Ning shares up 2.9% YTD  

($1 = 7.1991 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))