Sportswear: Revisions to estimates; we prefer Anta over Li Ning.
• Retail sales stabilized: Retail sales in China seem to have stabilized
over the past two months. While we may see strong SSS growth rates for
some months, we are not expecting SSS growth rates to keep a doubledigit
pace for the whole year of 2009 for retailers. We believe the
sportswear segment is not immune from this trend either.
• We expect ASP increase to come down: Most sportswear companies
completed 2Q09 trade fairs with c20% growth in order volumes and a
c10% increase in wholesale ASP. In our view, a 10% ASP increase is
difficult to maintain and is likely to come down. We have yet to hear the
outcome of the 3Q09 trade fairs that will be held in February.

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