Chinese sportswear firm Xtep hits 9-mth high on strong results, brokers up targets

Xtep International Holdings

13/03/2019 03:40

** Shares of Xtep International Holdings Ltd  1368.HK  surge
as much as 12.8 pct to HK$5.98, highest since June 13, 2018, as
brokers raise price target after strong yearly performance
    ** Co's 2018 profit jumps 61 pct, revenue rises 25 pct; says
it remains confident in the prospects of sportswear market in
2019  urn:newsml:reuters.com:*:nFWN20Y0RL
    ** Daiwa raises target price to HK$6.20 from HK$5.50, it
expects Xtep's robust sales growth momentum likely to continue
in 2019 and beyond
    ** Jefferies raises price target to HK$5.20 from HK$4.60,
saying Xtep's FY19 outlook remains positive given healthy China
sportswear market and good retail performance for the company
    ** CMB International raises target price to HK$6.91, from
HK$6.74, amid promising outlook driven by re-stocking demand
    ** As of last close, the stock has risen 24.7 pct so far
this year
    ** Xtep has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 1.8 percentage points in the past one
month
    ** The Hong Kong Hang Seng sub-index tracking consumer goods
companies  .HSCICG  falls 0.7 pct, while the Hang Seng China
enterprises index  .HSCE  eases 0.5 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)