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Title:Athletic Footwear: Buy Feng Tay
Download File:Athletic Footwear industry note_200703--sinopac.pdf 
Summary:Buy Feng Tay (9910 TT) with TP at NT$200 (22x 2021F P/E) ˇV an upside of ~14% 1) Although key client Nike gave disappointing FY4Q20 (ended MAY 31) financial results and saw elevated inventory levels, we are sanguine about Nikeˇ¦s ability to take market share from other athletic brands given its higher online sales weighting (30% vs. 15-17% for Adidas) and a healthier financial structure (details in the main text). 2) Calendar year 2Q20 was likely the trough for Nike as easing lockdown measures and the reopening of Nike stores will help digest excess inventory. Nikeˇ¦s supply chain will remain in the doldrums in JUN-JUL due to weaker order volume, though we assume 3Q20 will be the trough for the supply chain.
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