CICC released a report stating that 361 Degrees (01361.HK) announced its second-quarter operations. The offline retail sales of 361 Degrees' main brand increased by about 10% year-on-year, and the offline retail sales of 361 Degrees' children's clothing increased by 10% to 20% in the midpoint. The retail sales of e-commerce platforms increased by 30% to 35% year-on-year. The bank maintains its earnings per share forecast of CNY0.52 and CNY0.6 for the company in 2024 and 2025, respectively, and maintains its 'Outperform' rating as the current stock price corresponds to a price-to-earnings ratio of 7 and 6 for 2024 and 2025, respectively. Considering the decline in the industry's valuation center, the bank lowered the target price by 13% to HKD5.27, corresponding to a price-to-earnings ratio of 9 times and 7 times forecast for 2024 and 2025, respectively.
《大行》中金下調361度(01361.HK)目標價至5.27元 行業估值回落
Jin Xia of Daheng downgraded the target price of 361 degrees (01361.HK) to 5.27 yuan, and the industry valuation has fallen.
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