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Lens Technology Xtep International Holdings
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Company Results | Lens Technology (6613 HK/BUY/HK$16.39/Target: HK$21.50)
Lens Tech’s 3Q26 results came in below expectations, primarily due to: a) deliveries that were below its seasonal high to its large client as orders were pushed into 4Q; and b) a meaningful forex loss and elevated operating expenses. Earnings growth should improve meaningfully in 4Q26-1Q27, due to the aforementioned delayed delivery to the large client, stronger orders, and a contribution from new initiatives. Maintain BUY but slash the target prices of Lens A to Rmb32.10 and Lens H to HK$21.50.
Company Update | Xtep International Holdings (1368 HK/BUY/HK$3.67/Target: HK$5.40)
In 3Q26, the core Xtep brand’s offline sell-through remained under pressure while the e-commerce and kids businesses stayed relatively steady. Saucony’s sell-through picked up driven by its premiumisation strategy and category expansion. Management reiterated its full-year guidance for a low single-digit decline in group revenue, with Saucony and Merrell expected to deliver around 10% revenue growth, alongside a high single-digit net margin. Management also expects full-year gross margin to improve yoy. Maintain BUY. Cut target price by 4% to HK$5.40.
Top Stories
Company Results | Lens Technology (6613 HK/BUY/HK$16.39/Target: HK$21.50)
Lens Tech’s 3Q26 results came in below expectations, primarily due to: a) deliveries that were below its seasonal high to its large client as orders were pushed into 4Q; and b) a meaningful forex loss and elevated operating expenses. Earnings growth should improve meaningfully in 4Q26-1Q27, due to the aforementioned delayed delivery to the large client, stronger orders, and a contribution from new initiatives. Maintain BUY but slash the target prices of Lens A to Rmb32.10 and Lens H to HK$21.50.
Company Update | Xtep International Holdings (1368 HK/BUY/HK$3.67/Target: HK$5.40)
In 3Q26, the core Xtep brand’s offline sell-through remained under pressure while the e-commerce and kids businesses stayed relatively steady. Saucony’s sell-through picked up driven by its premiumisation strategy and category expansion. Management reiterated its full-year guidance for a low single-digit decline in group revenue, with Saucony and Merrell expected to deliver around 10% revenue growth, alongside a high single-digit net margin. Management also expects full-year gross margin to improve yoy. Maintain BUY. Cut target price by 4% to HK$5.40.
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