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Xtep (1368 HK) reported FY22 results that were in line with our expectations, but its performance in the first quarter of FY23 has been impressive. We maintain our positive view on Xtep, with a PEG ratio of 0.7x. The company's net profit grew by 1% YoY to RMB9.22 billion, while new brand losses were RMB2.22 billion, mainly due to the impact of the flu pandemic in Q4. Xtep's sales in 1-2 March were up 20%+ YoY, and the company expects retail sales growth of 20%+ in 2023. Inventory has improved and is expected to return to normal in Q3 2023. Xtep's fair but industry-leading FY23 guidance includes a target of 20%+ retail sales growth and faster growth in CO sales and net profit. The company's new brands are growing rapidly and are expected to narrow their losses. We maintain our Buy rating with a TP of HKD10.54, based on 21x FY23E P/E, which is 1 S.D. above the 5-year average of 15x.

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