13 Aug 2024 CMB International Global Markets | Equity Research | Company Update 361 Degrees (1361 HK) The cautious outlook is likely priced in We are certainly cautious about the sportswear sector. However, brands like Anta, Xtep and 361 Degrees have outperformed in 1H24 and we think this should sustain into 2H24E. For 361, supported by stepped-up efforts in 2H24E and its fairly undemanding valuation at 6x FY24E P/E and 7% FY24E yield, we maintain BUY. ■ FY24E guidance maintained but we are more cautious on ...