HSBC Global Research raised its target price for Anta Sports Products (02020) to HK$80 from HK$70 on higher cashflow forecasts and maintained its "buy" rating.
The research house said retail sales growth of the core ANTA brand remains steady at mid-teens, while that of the FILA brand has decelerated to 50-55% (from around 90% a year ago), but still representing a very respectable level.
HSBC believes the strong performance of FILA was particularly being supported by the company's success in rolling out the new series - like FILA FUSION - to expand its customer reach and sustain speedy growth.
HSBC raised its profit forecasts by 3-9% in 2019-21 to reflect our higher margin assumption.
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