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02020 ANTA SPORTS
RTNominal up90.000 +1.000 (+1.124%)
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19/07/2018 15:28

[I-bank focus]HSBC lifts Anta Sports (02020) to HK$49.1

[ET Net News Agency, 19 July 2018] HSBC Global Research lifted its target price for
Anta Sports Products (02020) to HK$49.1 from HK$46.9, and reiterated its "buy" rating.
The research house said Anta reported a strong 1Q sell-through performance, and the
stock has outperformed the sector by 8ppt and its closest peer Li Ning (02331) by 3ppt.
HSBC sees Anta core brand retail sales growing by a mid-teens percentage in 2Q (from
20-25% in 1Q), non-Anta (Fila and Descente mainly) at 50-60% (from 80-90%).
While margins are likely to be under modest pressure in 1H due to the replenishment
model and raw material prices, these will likely normalise into 2H on a lower base, HSBC
said. (KL)

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