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2026-11-09 15:46:46 Morgan Stanley published a research report stating that VIVA GOODS (00933.HK) announced after market close on Nov 6 a special dividend of HKD0.1255 per share, equivalent to approximately HKD1.464 billion, around 8% higher than the approximately HKD1.354 billion dividend received from LI NING (02331.HK). The broker noted that based on a scenario analysis last Thursday (5th), VIVA GOODS' net debt at this stage would exceed HKD2.5 billion, while its net debt-to-adjusted EBITDA ratio for the past 12 months would be higher than 1.6x, representing a significant deterioration from its net cash position at the end of 2024. Therefore, the broker believes the chance of VIVA GOODS further increasing its stake in LI NING in the short term may be lower. Morgan Stanley maintained its Overweight rating and HKD22.5 TP on LI NING. LI NING closed at HKD15.48 last Friday. After deducting the HKD2.71 special dividend, the ex-dividend value was about HKD12.77, close to the level before the announcement. The broker estimated the dividend payout would reduce interest income in 2027 by approximately RMB135 million, equivalent to about 5% of 2025 net profit. However, LI NING's 3Q retail sales growth trend (including Li Ning Young) remained flat and outperformed peers. Chinese sportswear stocks (excluding LI NING) have cumulatively risen about 9% since October, and the broker expected LI NING shares to still have upside potential before the ex-dividend date on Nov 18. (da/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |