Bank of America Securities said that according to a channel survey of Bosideng (03998) dealers, sales of new products for the 2024 fiscal year ending the end of March were better than expected.
The Zhitong Finance App learned that Bank of America Securities released a research report stating that it reaffirmed Bosideng's (03998) “buy” rating and raised the target price by 18% to HK$5.3. According to a channel survey of dealers, sales of new products for the 2024 fiscal year ending the end of March were better than expected. The bank expects the company's revenue to grow at a compound annual rate of 13% to 17% in the 2024-2026 fiscal year, which is higher than the overall sportswear and apparel market. The company is gradually building a track record of successfully launching new products, which will diversify the product portfolio and balance seasonal factors, thereby improving store efficiency. Also, the stock's dividend ratio of 5% or more and a payout ratio of 80% or more are also very attractive.