Bosideng: FY26 Call Takeaways - High Payout Compounded by Steady Growth

研报英文原文证据摘录

Bosideng: FY26 Call Takeaways - High Payout Compounded by Steady Growth

Update

June 26, 2026 02:30 PM GMT

Morgan Stanley Asia Limited+MBosideng | Asia Pacific Dustin Wei

Equity Analyst

FY26 Call Takeaways - High Dustin.Wei@morganstanley.comJenny Yu +852 2239-7823

Research Associate

Jenny.Yu1@morganstanley.com +852 3963-1925

Payout Compounded by Steady Lillian Lou

Lillian.Lou@morganstanley.com +852 2848-6502

Growth

Bosideng brand's 7% sales growth in FY26 outperformed most

large-size brands despite a record warm winter. Its pursuit of

premium segment, category expansion, and Douyin operation

Bosideng International Holdings Limited (3998.HK, 3998

have proven able to offset weather and competition headwinds. HK)

At 10-11x N12M P/E and 7-8% div yield, BSD is undervalued. China/Hong Kong Consumer | China

Stock Rating Overweight

FY26 earnings note: Bosideng: FY26 NP Beat; OP In-Line; Steady Growth with 8% Industry View In-Line

Dividend Yield (26 Jun 2026) Price target HK$5.10

Up/downside to price target (%) 29

Shr price, close (Jun 26, 2026) HK$3.95

FY27 outlook: We expect MSD% sales growth. The company targets 10% sales 52-Week Range HK$5.37-3.55

growth in the OEM segment (11% of group sales). It aims to maintain GPM stability Sh out, dil, curr (mn) 11,129

Mkt cap, curr (mn) Rmb38,129.5

despite rising down material costs – it has tried to secure sufficient down for basic EV, curr (mn) Rmb31,020.3

products, where demand is more predictable. It continues to deliver opex efficiency, Avg daily trading value (mn) HK$114

despite rising marketing events. It targets stable or rising net margin. Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

EPS (Rmb)** 0.32 0.34 0.37 0.40

Douyin operation: Douyin's growth has been a key growth driver. The group's online Prior EPS (Rmb)** - - - -