07 Jan 2019

Crosby Research: Xtep International (1368 HK/BUY): SSSG continues to be strong in 4Q18, upgrade to BUY

Xtep reported its FY4Q18 SSSG at mid-teen level. Together with strong SSSG in 1Q/2Q/3Q18 of low teens/mid-teens/mid-teens, and combined with the company’s targeted net opening of 200-300 stores in FY18, we believe the announced operational data last year was largely in line with our full year FY18 revenue growth forecast of 16.7% YoY.