Huatai Research lifted its target price for Anta Sports (02020) to HK$148.6 from HK$99 and maintained its "buy" rating.
The research house said retail sales growth for the Anta brand was a low-single-digit in 4Q 2020, slightly missing guidance for 5-10% revenue growth in 2H; Fila brand sales rose by 25-30%, in line with guidance of 20-30% growth in 2H.
Management noted that Anta/Fila inventory turnover is close to/has reached a normal
level and guided for >10%/>20% retail sales growth in 2021, respectively. Huatai remains positive about Anta's recovery in the short term and its multi-brand strategy in the
long run.
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