Bernstein U.S. Apparel & Specialty Retail: Nike and Adidas — Pou Sheng June Revenue Down HSD%
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Key Views
Roughly 80% of Pou Sheng's China sales come from Nike and Adidas products. Yue Yuen management flagged that reciprocal tariff challenges, inflation, and macro uncertainty may continue to weaken consumer momentum, with near-term order demand expected to remain volatile. China sportswear demand shows no sign of structural improvement, while Middle East tensions could add further headwinds via energy prices and shipping disruptions.
Recommended Securities
- Nike (NKE): Outperform; target price $72.00 based on 27x FY2028E EPS of $2.67.
- Adidas (ADS.GR): Outperform; target price €245.00 based on 20x FY2027E EPS of €12.45.
- Adidas ADR (ADDYY): Outperform; target price $132.50.
Key exhibits
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