Deutsche Bank cut its target price for Anta Sports Products (02020) to HK$25 from HK$26.5, and maintained its "hold" rating.
Management stressed that orderbook will become a less critical data point due to the fast-growing replenishment orders. Anta indicated that it will cease to disclose orderbook after 4Q 2017. The research house said therefore expects investors to shift focus to other indicators to gauge Anta's wholesaler healthiness, including working capital.
DB noted a 16% YoY increase in its A/R days, which management attributed to an early CNY.
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