Less drags from the new brands in FY21E. For Sauconcy, the Companyis confident on its potential thanks to highly positive feedbacks fromprofessional runners in FY20 and it plans to open 30-50 new stores with aninitiate losses of ~RMB 50mn in FY21E. For Palladium, 30-50 self-ownedstores will be opened in FY21E, while K-Swiss will not have large scaleexpansion before FY22E. All in all, the associated losses for new brands andJVs should narrow in FY21E vs FY20. Maintain BUY and raised TP to HK$ 5.84. We