Stay prudent as channel health is the priority

M N 19 Mar 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Stay prudent as channel health is the priority Target Price HK$6.31 Xtep’s FY23 results were dragged by weak e-commerce sales but inline with market consensus. Due to the macro uncertainty and high base, Xtep’s (Previous TP HK$7.07) management has put aside its 5-year growth target and introduced a rather Up/Downside 39.0% conservative target in FY24E. This is inline with our view that Xtep may not be Current ...