Morgan Stanley gives Li Ningzhan rating

Morgan Stanley said May 18 that the maintenance of Li Ning (02331. HK) earnings forecasts are unchanged and earnings forecasts for the next two years are forecast to grow by 24% and 17%. Orders Rose 14.5% in the fourth quarter of 09, making Li Ning's brand grow by about 24% a year, compared with the bank's forecast of 21.5%. The current price is equivalent to the 09 forecast of 18.5 times times earnings, reasonable valuations, short-term stock prices did not change significantly. Morgan Stanley last week attended Li Ning Management meeting and inspected Guangzhou, management reiterated this year margin guideline is 46%-48%, net profit margin is 10%-11%. The first four months of the same shop sales units.　　The rating is "overweight" with a target price of HK $15.5. Morgan Stanley also said that according to trade fairs orders (the first quarter rose 40%, Zhi Rose 30%, the third quarter rose 15%, the fourth quarter of 25%), and assumed no cancellation of orders, Anta Sports (02020. HK) Overall sales should grow by 27% in 09, compared to the 23% forecast for the bank. The bank believes there is little room for profit this year, but fourth-quarter orders mean the bank's forecast for next year's earnings growth of 8% may be too conservative. Stock prices rose after the 08-year earnings announcement in early March, with a 17 times-fold forecast for the current price, which is not cheap, but investors should adjust forward valuations over the next few months. The rating is "overweight" with a target price of HK $5.9.