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CICC: Bosideng's Retail Grows Steadily in H1, Maintains 'Outperform' Rating
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CICC (China International Capital Corporation) released a research report indicating that after discussions with Bosideng management, the company's terminal retail sales continued to achieve steady growth in the first half of its fiscal year ending September 30. CICC attributes this to Bosideng's leading brand competitiveness. The group has proactively slowed its shipment pace to lay a solid foundation for healthy operations during the peak season. CICC estimates that from April to August, Bosideng's main brand terminal retail sales will record a double-digit year-on-year increase, with online retail turnover expected to grow by about 20% year-on-year, outperforming a mid-single-digit increase offline. Direct retail sales are expected to grow over 10% driven by same-store sales, better than a single-digit increase for the distribution channel. CICC maintains its earnings forecasts for fiscal years 2027 and 2028 at 4.3 billion and 4.6 billion yuan respectively, and keeps its 'Outperform' rating and target price of 5.65 Hong Kong dollars unchanged.
Source report
CICC (China International Capital Corporation) has released a research report following recent discussions with Bosideng's management. According to the report, the company's terminal retail sales continued to record steady growth in the first half of the fiscal year ending September 30, reflecting its competitive strength as a leading brand.
The group has proactively slowed down its shipment pace, laying a solid foundation for healthy operations during the peak season.
Key Retail Performance Estimates (April to August)
- Bosideng main brand terminal retail sales: Expected to achieve a double-digit year-on-year increase
- Online retail sales: Projected to grow approximately 20% year-on-year, outperforming mid-single-digit growth in offline channels
- Direct retail stores: Expected to see sales growth exceeding 10%, driven by same-store sales growth, outperforming the single-digit growth of distribution channels
Earnings Forecast and Rating
CICC maintains its earnings forecasts for Bosideng for fiscal years 2027 and 2028 at RMB 4.3 billion and RMB 4.6 billion, respectively. The firm also keeps its "Outperform" rating and target price of HKD 5.65 unchanged.
Source
金融界Eastern
Part of this Story
Bosideng achieves double-digit retail growth; analysts maintain Buy ratings ahead of peak season