Anta Sports 2020

Re: Anta Sports 2020

Postby winston » Fri Mar 01, 2019 10:03 am

not vested

Valuation & Risks

We raise target price to HKD50.8.

Future momentum comes from rising store efficiency, rapid growth of Kids` product and further exploration of Fila and its subsidy bizs.

Projected EPS is RMB1.82/2.20 in 19E/ 20E and target price is raised to HKD50.8.

Risks include: Rising selling and R&D expenses; Sluggish retail market; Inefficiency resulting from so many brands under operation.

Source: Phillips
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Re: Anta Sports 2020

Postby winston » Thu Apr 11, 2019 10:55 am

not vested

ANTA SPORTS(2020)

Analysis:

The company`s 2018 results exceeded expectations, and net profit increased by 33% year-on-year.

The Anta brand achieved double-digit growth in the fourth quarter, and non-Anta brand growth reached 80%-85%.

Store operating efficiency continues to increase, and overall sales are expected to maintain steady growth.

The company set a goal to increase sales by 20% in 2019.

Strategy:
Buy-in Price: $50.00, Target Price: $58.00, Cut Loss Price: $45.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Anta Sports 2020

Postby winston » Tue May 14, 2019 10:48 am

not vested

ANTA SPORTS(2020)

Analysis:

The company`s 2018 results exceeded expectations, and net profit increased by 33% year-on-year.

The Anta brand achieved double-digit growth in the fourth quarter, and non-Anta brand growth reached 80%-85%.

Store operating efficiency continues to increase, and overall sales are expected to maintain steady growth.

The company set a goal to increase sales by 20% in 2019.

Strategy:
Buy-in Price: $53.80, Target Price: $59.00, Cut Loss Price: $50.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Anta Sports 2020

Postby winston » Fri May 31, 2019 7:36 am

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Anta Sports falls prey to short-seller attack

by Stella Zhai

Shares of Anta Sports (2020) dived after short-seller organization Blue Orca suggested offloading Anta stock during the Sohn Investment Conference in Hong Kong.

The founder of Blue Orca Capital, Soren Aandahl, said his firm was doubtful about the state of the sportswear company, which has acquired 85 percent of Italian brand Fila.

It was looking hard at its revenue accounting and corporate governance, and the stock could fall as much as 34 percent.

Blue Orca recalculated Fila's retail revenue in China based on a calculation method of Fila Korea, the wholesaler that owns the other 15 percent of the brand.

It found that Anta overstated Fila China's retail revenue in 2018 by 41 percent. Therefore, Fila China's store revenue per square meter was actually lower than those of its competitors, including Nike and Adidas, in the mainland market. And that was the opposite of what the company had said.

Aandahl said Anta's valuation should be the subject of a corporate-governance discount as Anta changed its chief financial officer three times within three years.

Its valuation of Anta was HK$32.9 per share, representing a 34-percent decrease from the share price on Wednesday.

Shares of Anta fell 5.5 percent to HK$46.9 yesterday after plunging at one point below HK$43.3.

Anta's stock had gone up almost 32 percent this year up to Wednesday on optimism that followed the company's US$5.2 billion (HK$40.4 billion) deal last December to acquire Finnish sports brand Amer. But it had slipped over the past month amid Sino-US trade tensions.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0531&sid=2
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Anta Sports 2020

Postby winston » Mon Jun 03, 2019 1:29 pm

not vested

ANTA SPORTS(2020)

Analysis:

The company`s 2018 results exceeded expectations, and net profit increased by 33% year-on-year.

The Anta brand achieved double-digit growth in the fourth quarter, and non-Anta brand growth reached 80%-85%.

Store operating efficiency continues to increase, and overall sales are expected to maintain steady growth.

The company set a goal to increase sales by 20% in 2019.

Strategy:
Buy-in Price: $47.00, Target Price: $58.00, Cut Loss Price: $41.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
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Posts: 118541
Joined: Wed May 07, 2008 9:28 am

Re: Anta Sports 2020

Postby winston » Mon Apr 27, 2020 1:04 pm

not vested

ANTA SPORTS(2020)

Analysis:

Anta Sports (2020.HK) is China`s largest producer of sports goods, with a market value of more than 150 billion RMB.

Total revenue and gross profits were approximately 33.93 billion yuan and 18.66 billion yuan, respectively, in FY19, while the profit margin attributable to shareholders was 15.8%, a YoY increase of 30.3%.

It owns well-known sports brands such as “FILA” and “Descente”, and the FILA brand has successfully reshaped its brand image since 2017; sales brake out for consecutive years.

In FY19, the FILA segment`s revenue reached 14.77 billion yuan, recording a 73.9% YoY growth with a historical high gross profit margin of 70.4%.

Although the company recorded negative growth in the first quarter of FY20 due to the epidemic in China, it performs better than market expectations due to the growth of its e-commerce businesses.

Driven by domestic demand in China after the pandemic, company sales have generally recovered in April. And we also predicted that the second-quarter revenue should not harshly be impacted by the overall decline in global durable consumer goods sales.

Strategy:
Buy-in Price: $63.50, Target Price: $70.00, Cut Loss Price: $60.30

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Anta Sports 2020

Postby winston » Thu Oct 15, 2020 10:57 am

not vested

ANTA SPORTS(2020)

Analysis:
In 1H20 results, the company's total revenue fell 1% from the same period last year to RMB 14.67 billion.

The results for the first half of the year reflect the company's resilience and ability to respond to the market.

It is expected that the company can respond quickly after the epidemic.

In mid-2020, the company proposed to transform the business model of the Anta brand from a wholesale distribution model to a direct-to-consumer model (DTC), enabling the company to mobilize resources more flexibly in retail, channel, merchandise, finance, and human resources, and improve operational efficiency.

Recently, the company launched a partnership with NBA star Klay Thompson collaborated to launch the new KT6 basketball shoes, which are well received in terms of design and comfort.

Strategy:
Buy-in Price: $82.00, Target Price: $90.00, Cut Loss Price: $78.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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