VIEWPOINTS EXPRESS
摘要： XtepInternational(1368.HK,BUY,TPHK$4.2).Earningsmissonheavyspending.XtepFY14salesbeatourestimatesfor
Xtep International (1368.HK, BUY, TP HK$4.2).
Earnings miss on heavy spending.
Xtep FY14 sales beat our estimates for better-than-expected orderreplenishment, but bottom line miss due to heavy spending on selling andpromotion, as well as higher tax rate. We expect its top line growth andmargins are likely to improve in FY15, but stock price might be under pressurein near term. We will revisit our estimates and have a BUY rating on Xtep.
TMT Sector.
TMT Daily Update.
HIGHLIGHTS:n Alibaba invests $200M in Snapchat.
Dianping soon to complete $850M funding round.
Ensogo raises $7.6M, aims to double down on partnership with Chinese.
etailer Vipshop.
OnePlus Doubles Overseas Markets to 35, Adding 16 from Europe.
Rocket Internet’s Foodpanda Raises US$110 M Fresh Funding.
XtepInternational,1368.,HK,BUY,TPHK
