New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Eva Chan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 26
Xtep International Holdings Limited, Annual General Meeting, May 08, 2026 Xtep International Holdings Limited, Annual General Meeting, May 08, 2026. Announcement • Jan 23
Xtep International Holdings Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Xtep International Holdings Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Announcement • Aug 18
Xtep International Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2025, Payable on 30 October 2025 Xtep International Holdings Limited announced Interim Dividend of HKD 0.18 per share for the six months ended 30 June 2025. Ex-dividend date is 03 September 2025. Record date is 09 September 2025. Payment date is 30 October 2025. Announcement • Jul 16
Xtep International Holdings Limited to Report First Half, 2025 Results on Aug 18, 2025 Xtep International Holdings Limited announced that they will report first half, 2025 results on Aug 18, 2025 Announcement • Jun 23
Xtep Hosts First 2026 Product Preview, Showcasing Sportswear Engineered for Global Performance and Lifestyle Markets Xtep hosted its first quarter 2026 Product Preview in Jinjiang, Fujian province, rolling out a portfolio of new sportswear across six core categories: Running, Training, Outdoor, Basketball, Lifestyle, and Fashion. The presentation underscores Xtep's continued focus on delivering versatile performance and style solutions for both athletic and everyday wear. As the anchor of Xtep's global brand strategy, the running category received a major refresh across both race-day and training footwear. The latest models are purpose-built to meet the full spectrum of runner needs--from elite marathoners to recreational athletes. Leading the charge is the acclaimed Xtep's Champion Edition Collection, with its latest iteration now at the forefront. 160X 6.0 PRO: Originally introduced in August 2024, the 160X 6.0 PRO has rapidly become a go-to choice for competitive runners. Equipped with XTEP ACE midsole and Shot-Molded Foam technology, it delivers exceptional rebound and lightness. The upgraded GT700 Gold Carbon Plate enhances propulsion. Its outstanding performance has been proven on the race track, to date, the 160X series has propelled 95 athletes worldwide secure 451 marathon victories. 260X: Built for professional-level training, the 260X helps runners break through performance plateaus and sustainability long-term progress. It has evolved to its 2.0 iteration. 360X: Designed with the everyday runner in mind, the 360X features a streamlined carbon plate that makes advanced tech more approachable, enhancing daily miles with comfort and efficiency. The 360X is updated to 2.0. In addition to its running innovations, the preview spotlighted Xtep's depth across additional performance and lifestyle categories. These include a high-mobility training series engineered for movement; a trail-ready outdoor collection that fuses utility and aesthetics; a court-inspired basketball lineup built for agility and expression; a lifestyle series that blends athleisure with everyday wearability; and a fashion-forward range that sets the tone for seasonal style. Each line is developed with Xtep's core principles in mind-- thoughtful design, uncompromising quality, and exceptional value--offering retail partners a complete toolkit to meet the evolving demands of athletes and active consumers alike. Announcement • Apr 29
Xtep International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2024 Xtep International Holdings Limited announced that at its AGM held on 28 April 2025, the shareholders approved a final dividend of HKD 9.5 cents (equivalent to approximately RMB 8.8 cents) per Share, with a scrip dividend option, for the year ended 31 December 2024. Announcement • Jan 22
Xtep International Holdings Limited to Report Second Half, 2024 Results on Mar 18, 2025 Xtep International Holdings Limited announced that they will report second half, 2024 results on Mar 18, 2025 Buy Or Sell Opportunity • Oct 09
Now 28% undervalued Over the last 90 days, the stock has risen 28% to €0.70. The fair value is estimated to be €0.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 9.2%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Announcement • Sep 04
Xtep Launches 160X 6.0 Series, Redefining Speed and Stability in Professional Racing Shoes XTEP has officially launched its newest racing shoe, the 160X 6.0 series, as part of its running shoe lineup. Emphasizing propulsion and shock absorption as key performance features, the shoe ensures that runners feel both fast and stable. At the recent Paris Olympics, the 160X 6.0 PRO showcased its exceptional performance, setting a new benchmark for Chinese athlete Wu Xiangdong with China's fastest Olympic marathon finish time of 2 hours 12 minutes 34 seconds. This debut marked the shoe's international launch and highlighted its impressive performance in the racing scene. The upgraded 160X 6.0 PRO features the innovative XTEP ACE midsole technology with the industry's first Shot-Molded Foam. This technology provides stronger rebound, lightness and perfectly balanced density, giving runners a strong sense of rebound with every step. The new GT700 Golden Carbon Plate, reinforced with PI fibers, is about 20% lighter than a standard carbon plate of the same structural strength, and the tensile strength of the PI fibers reaches up to 3.5GPa. The shoe delivers exceptional forefoot propulsion efficiency and a 9.9% enhancement in propulsion, offering runners unparalleled speed, stability, and power. Crafted with custom Jacquard Fabric, the shoe prioritizes lightness, flexibility, and breathability, ensuring an optimal and comfortable running experience. Weighing a mere 178.8g in size 40, 9.2g lighter than previous generation, the 160X 6.0 sets a new standard for lightweight performance footwear. Developing a top-tier professional racing shoe involves a prolonged cycle and continuous R&D investment. XTEP's commitment to running and focus on technological advancements have solidified its industry leadership. Currently, six running shoe series are available from the Xtep Champion family, including the 160X 6.0 MONXTER, 160X 6.0 Pro, 160X 6.0, 260X, 360X, and UltraFast 5.0 models. This range caters extensively to both elite athletes and everyday runners, ensuring every level of runner finds their perfect fit. Upcoming Dividend • Aug 27
Upcoming dividend of HK$0.60 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 22
First half 2024 earnings released: EPS: CN¥0.30 (vs CN¥0.26 in 1H 2023) First half 2024 results: EPS: CN¥0.30 (up from CN¥0.26 in 1H 2023). Revenue: CN¥7.20b (up 10% from 1H 2023). Net income: CN¥752.1m (up 13% from 1H 2023). Profit margin: 10% (in line with 1H 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Aug 20
Xtep International Holdings Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 30 October 2024 Xtep International Holdings Limited announced interim dividend of HKD 0.156 per share for the six months ended 30 June 2024 against HKD 0.137 cents per share a year ago. Ex-dividend date is 03 September 2024. Record date is 09 September 2024. Payment date is 30 October 2024. The interim dividend will be payable in cash with a scrip dividend alternative. Declared Dividend • Aug 04
Final dividend of HK$0.45 announced Shareholders will receive a dividend of HK$0.45. Ex-date: 3rd September 2024 Payment date: 1st January 1970 Dividend yield will be 87%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Announcement • Jul 11
Xtep International Holdings Limited to Report First Half, 2024 Results on Aug 20, 2024 Xtep International Holdings Limited announced that they will report first half, 2024 results on Aug 20, 2024 Upcoming Dividend • Apr 30
Upcoming dividend of HK$0.08 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (0.7%). Recent Insider Transactions • Apr 18
Founder recently bought €778k worth of stock On the 15th of April, Shui Po Ding bought around 1m shares on-market at roughly €0.53 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Shui Po has been a buyer over the last 12 months, purchasing a net total of €4.0m worth in shares. Announcement • Mar 20
Xtep International Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023 Payable on 28 June 2024 Xtep International Holdings Limited proposed final Dividend of HKD 0.08 per share for the year ended 31 December 2023 payable on 28 June 2024. Ex-dividend date is on 07 May 2024. Record date is on 13 May 2024. Date of shareholders' approval is 03 May 2024. Announcement • Mar 19
Xtep International Holdings Limited, Annual General Meeting, May 03, 2024 Xtep International Holdings Limited, Annual General Meeting, May 03, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: CN¥0.41 (vs CN¥0.37 in FY 2022) Full year 2023 results: EPS: CN¥0.41 (up from CN¥0.37 in FY 2022). Revenue: CN¥14.3b (up 11% from FY 2022). Net income: CN¥1.03b (up 12% from FY 2022). Profit margin: 7.2% (up from 7.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Luxury industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 22
Xtep International Holdings Limited to Report Fiscal Year 2023 Results on Mar 18, 2024 Xtep International Holdings Limited announced that they will report fiscal year 2023 results on Mar 18, 2024 Recent Insider Transactions • Nov 16
Founder recently bought €1.3m worth of stock On the 14th of November, Shui Po Ding bought around 2m shares on-market at roughly €0.65 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €1.7m. Shui Po has been a buyer over the last 12 months, purchasing a net total of €3.2m worth in shares. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Buying Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €1.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Buying Opportunity • Oct 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €1.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Recent Insider Transactions • Oct 26
VP & Executive Director recently bought €1.2m worth of stock On the 24th of October, Ming Zhong Ding bought around 2m shares on-market at roughly €0.83 per share. This transaction increased Ming Zhong's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.6m more in shares than they have sold in the last 12 months. Buying Opportunity • Oct 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be €1.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 59% in the next 2 years. Announcement • Sep 26
Xtep International Holdings Limited Unveils Milestone Brand Strategy Upgrade to Offer World-Class Running Shoes and Gears Xtep International Holdings Limited has launched its milestone brand strategy upgrade of "World-class Running Shoes of China Xtep" in August at the achievement conference held at the Great Wall in Beijing. Marking a new chapter in innovation, Xtep launched the latest additions to its championship 160X running shoe series - the feature-packed 160X 5.0 PRO and 160X 5.0 models. With over 16 years of experience in specializing in performance running gear, Xtep has established a robust product portfolio spanning all levels, from amateur to professional. This running pedigree was evident in the first half of 2023, as Xtep cemented its number one position in China with a 42% wear rate among the top 100 male marathoners. The new "160X" running shoes adopt the brand's world-class "XTEP ACE" midsole technology with stronger propulsion and stability, which is coupled with Xtep's new "Light Flex" shoe upper technology that ensures lasting breathability while reducing the weight to relieve the burden. The multiple upgrades allow runners to enjoy powerful propulsion, comfort, and stability. Xtep's brand strength has been improving constantly, demonstrating robust growth momentum and competitive advantages. The solid performance is a testament to its resilience, adaptability, and keen understanding of the evolving Chinese market. As part of Xtep's global development roadmap, the brand is launching initiatives to bring investments in the key regions including East Europe, West Europe, the Middle East, and Africa: Store opening support: to provide guidance for merchandizing, display, and operation, integrated packages to support store openings, and both online and on-site training guides. Service and support: to provide store design proposal support and coordinate account manager, logistics expert, VM team, and merchandising expert to facilitate store openings. Looking ahead, Xtep will continually advance product R&D and innovation, boost support for competitions and athletes, and facilitate running club operations to lead running industry development. Upcoming Dividend • Aug 29
Upcoming dividend of HK$0.14 per share at 2.4% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 30 October 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (0.7%). Announcement • Aug 24
Xtep International Holdings Limited Announces Interim Dividend for the Six Months Ended June 30, 2023, Payable on October 30, 2023 Xtep International Holdings Limited announced interim dividend of HKD 0.137 per share for the six months ended June 30, 2023. Ex-dividend date is September 5, 2023. Record date is September 11, 2023. Payment date is October 30, 2023. Reported Earnings • Aug 24
First half 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.23 in 1H 2022) First half 2023 results: EPS: CN¥0.26 (up from CN¥0.23 in 1H 2022). Revenue: CN¥6.52b (up 15% from 1H 2022). Net income: CN¥665.4m (up 13% from 1H 2022). Profit margin: 10% (in line with 1H 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (218% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Announcement • Jul 12
Xtep International Holdings Limited to Report First Half, 2023 Results on Aug 23, 2023 Xtep International Holdings Limited announced that they will report first half, 2023 results on Aug 23, 2023 Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €1.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Announcement • Jun 03
Xtep International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2022 Xtep International Holdings Limited at its AGM held on June 2, 2023, approved a final dividend of 7.1 HK cents (equivalent to approximately RMB 6.2 cents) per Share, with a scrip dividend option, for the year ended 31 December 2022. Upcoming Dividend • May 30
Upcoming dividend of HK$0.071 per share at 2.4% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: CN¥0.37 (vs CN¥0.36 in FY 2021) Full year 2022 results: EPS: CN¥0.37 (up from CN¥0.36 in FY 2021). Revenue: CN¥12.9b (up 29% from FY 2021). Net income: CN¥921.7m (up 1.5% from FY 2021). Profit margin: 7.1% (down from 9.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 16% share price gain to €1.22, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Luxury industry in Germany. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 16% share price gain to €1.11, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Luxury industry in Germany. Total returns to shareholders of 178% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Eva Chan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 09
VP & Executive Director recently bought €1.2m worth of stock On the 3rd of November, Ming Zhong Ding bought around 1m shares on-market at roughly €0.90 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth €2.0m. Insiders have collectively bought €5.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 23
Founder recently bought €2.0m worth of stock On the 20th of October, Shui Po Ding bought around 2m shares on-market at roughly €0.99 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Shui Po's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.32, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Luxury industry in Germany. Total returns to shareholders of 204% over the past three years. Upcoming Dividend • Aug 26
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 02 September 2022. Payment date: 31 October 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 24
First half 2022 earnings released: EPS: CN¥0.23 (vs CN¥0.17 in 1H 2021) First half 2022 results: EPS: CN¥0.23 (up from CN¥0.17 in 1H 2021). Revenue: CN¥5.68b (up 38% from 1H 2021). Net income: CN¥590.4m (up 38% from 1H 2021). Profit margin: 10% (in line with 1H 2021). Over the next year, revenue is forecast to grow 22%, compared to a 13% growth forecast for the Luxury industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 24
Xtep International Holdings Limited Declares Interim Dividend for the Six Months Ended 30 June 2022, Payable on October 31, 2022 Xtep International Holdings Limited declared Interim Dividend of HKD 0.13 per share for the six months ended 30 June 2022. Record date is 08 September 2022. Ex-dividend date is 02 September 2022. Payment date is 31 October 2022. Announcement • Jul 14
Xtep International Holdings Limited Provides Earnings Guidance for the Six Months Ended 30 June 2022 Xtep International Holdings Limited provided earnings guidance for the six months ended 30 June 2022. For the period, the company expected to record a significant increase of not less than 35% in its unaudited consolidated profit attributable to ordinary equity holders of the Company as compared to that for the corresponding period in 2021. Announcement • Jul 12
Xtep International Holdings Limited to Report First Half, 2022 Results on Aug 23, 2022 Xtep International Holdings Limited announced that they will report first half, 2022 results on Aug 23, 2022 Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to €1.36, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Luxury industry in Europe. Total returns to shareholders of 255% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.49 per share. Buying Opportunity • May 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €1.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Announcement • May 08
Xtep International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2021, Payable on 30 June 2022 Xtep International Holdings Limited announced that at its AGM held on 6 May 2022, the shareholders approved final dividend of 13.5 HK cents per share for the year ended 31 December 2021. The final dividend is expected to be paid on 30 June 2022 to shareholders whose names appear on the register of members of the company on 17 May 2022. Upcoming Dividend • May 04
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.1%). Higher than average of industry peers (1.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Eva Chan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.18, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Luxury industry in Europe. Total returns to shareholders of 148% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.40 per share. Buying Opportunity • Apr 11
Now 20% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be €1.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Board Change • Mar 23
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Eva Chan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥0.36 (up from CN¥0.21 in FY 2020). Revenue: CN¥10.0b (up 23% from FY 2020). Net income: CN¥908.3m (up 77% from FY 2020). Profit margin: 9.1% (up from 6.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €1.15, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Luxury industry in Europe. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.74 per share. Buying Opportunity • Feb 23
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be CN¥1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. Earnings per share has declined by 6.2% per annum over the last 3 years. Announcement • Feb 22
Xtep International Holdings Limited to Report Fiscal Year 2021 Results on Mar 16, 2022 Xtep International Holdings Limited announced that they will report fiscal year 2021 results on Mar 16, 2022 Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 15% share price gain to €1.21, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 23x in the Luxury industry in Europe. Total returns to shareholders of 188% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.19 per share. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to €1.61, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 26x in the Luxury industry in Europe. Total returns to shareholders of 289% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.86 per share. Upcoming Dividend • Aug 27
Upcoming dividend of HK$0.12 per share Eligible shareholders must have bought the stock before 03 September 2021. Payment date: 29 October 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 25
First half 2021 earnings released: EPS CN¥0.17 (vs CN¥0.10 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥4.13b (up 12% from 1H 2020). Net income: CN¥426.5m (up 72% from 1H 2020). Profit margin: 10% (up from 6.7% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥1.41, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 28x in the Luxury industry in Europe. Total returns to shareholders of 221% over the past three years. Announcement • Jul 15
Xtep International Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Six Months Ended June 30, 2021 Xtep International Holdings Limited provided unaudited consolidated earnings guidance for the six months ended June 30, 2021. The Group is expected to record a significant increase of not less than 65% in its unaudited consolidated profit attributable to ordinary equity holders of the company for the six months ended June 30, 2021 as compared to that for the corresponding period in 2020. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥1.77, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 27x in the Luxury industry in Europe. Total returns to shareholders of 270% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 53% share price gain to CN¥1.38, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 29x in the Luxury industry in Europe. Total returns to shareholders of 170% over the past three years. Announcement • Jun 16
Xtep International Holdings Limited announced that it expects to receive HKD 500 million in funding from GSUM IV Holdings Limited Xtep International Holdings Limited (SEHK:1368) announced that it has entered into Subscription Agreement to issue Convertible Bond for the gross proceeds of HKD 500,000,000 on June 15, 2021. The transaction will include participation from new investor GSUM IV Holdings Limited. The bonds will bear 1.8% interest rate per annum. The bonds are convertible into fully paid ordinary shares with a par value of HKD 0.01 per share. The initial Conversion Price is HKD 10.244 per Conversion Share. The bonds will mature on sixth anniversary of the issue date. The conversion period will start on or after the date falling on the second anniversary of maturity date, or if such Bond shall have been called or put for redemption at any time on or after the Issue Date. The transaction has been approved by board of the company and does not require shareholder approval. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥1.03, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 30x in the Luxury industry in Europe. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.42 per share. Announcement • May 22
Xtep International Holdings Limited Announces Final Dividend for the Year Ended 31 December 2020 Xtep International Holdings Limited approved at the annual general meeting of the Company the payment of a final dividend of 7.5 HK cents per share of HKD 0.01 each in the share capital of the Company for the year ended 31 December 2020. The Shareholders whose names appear on the register of members of the Company (the ``Qualifying Shareholders'') at the close of business on 18 May 2021 (the ``Record Date''). Executive Departure • May 12
Independent Non-Executive Director has left the company On the 7th of May, Xian Feng Gao's tenure as Independent Non-Executive Director ended after 13.3 years in the role. We don't have any record of a personal shareholding under Xian Feng's name. Xian Feng is the only executive to leave the company over the last 12 months. Announcement • May 08
Xtep International Holdings Limited Approves Final Dividend for the Year Ended 31 December 2020 Xtep International Holdings Limited approved final dividend of HK 7.5 cents (equivalent to approximately RMB 6.2 cents) per Share, with a scrip dividend option, for the year ended 31 December 2020 at its Annual General Meeting held on 7 May 2021. Upcoming Dividend • May 05
Upcoming dividend of HK$0.075 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 25 June 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.0%). Announcement • Mar 20
Xtep International Holdings Limited Recommends Final Dividend for 2020, Payable on 25 June 2021 Xtep International Holdings Limited recommended a final dividend of 7.5 HK cents per Share for 2020 (2019: a final dividend of 7.5 HK cents per Share). Dividend ex-entitlement for Shares is 12 May 2021. Proposed payment of 2020 final dividend is 25 June 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS CN¥0.21 (vs CN¥0.31 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: CN¥8.17b (flat on FY 2019). Net income: CN¥513.0m (down 30% from FY 2019). Profit margin: 6.3% (down from 8.9% in FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Mar 19
Xtep International Holdings Limited, Annual General Meeting, May 07, 2021 Xtep International Holdings Limited, Annual General Meeting, May 07, 2021. Announcement • Feb 06
Xtep International Holdings Limited to Report Fiscal Year 2020 Results on Mar 18, 2021 Xtep International Holdings Limited announced that they will report fiscal year 2020 results on Mar 18, 2021 Is New 90 Day High Low • Jan 15
New 90-day high: €0.41 The company is up 37% from its price of €0.30 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.42 per share. Is New 90 Day High Low • Dec 31
New 90-day high: €0.39 The company is up 64% from its price of €0.24 on 02 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.39 per share. Is New 90 Day High Low • Nov 09
New 90-day high: €0.35 The company is up 38% from its price of €0.25 on 11 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.47 per share. Is New 90 Day High Low • Oct 12
New 90-day high: €0.31 The company is up 20% from its price of €0.25 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.44 per share. Announcement • Oct 11
Xtep International Holdings Limited announced that it expects to receive HKD 12.4 million in funding Xtep International Holdings Limited (SEHK:1368) announced that it has entered into a subscription agreement for a private placement of 5,000,000 subscription shares at a price of HKD 2.48 per share for gross proceeds of HKD 12,400,000 on October 9, 2020. The transaction will include participation from individual investor Nicholas Tse for 0.2% stake in the company. The transaction is subject to approval of Stock Exchange of Hong Kong Limited. The transaction is expected to close within one business day after the approval of stock exchange. The securities issued are subject to lock up period of one year after the completion of the transaction. Is New 90 Day High Low • Sep 26
New 90-day low: €0.24 The company is down 17% from its price of €0.29 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.41 per share. Announcement • Jul 18
Xtep International Holdings Limited to Report First Half, 2020 Results on Aug 28, 2020 Xtep International Holdings Limited announced that they will report first half, 2020 results on Aug 28, 2020 
