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ANTA Sports (2020 HK) Multi brands drive growth - 2月 23, 2017 (6 页)
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Anta reported an impressive +16.9%/12.5% increase in net profit for FY16/2H16, broadly in line with our estimate. We edge up our FY17-18F earnings by 1%-3%, mainly on higher GP margin from FILA. We see its diversified brands including Anta Brand, FILA and Descente as multiple earnings drivers for coming years. Reiterate BUY with higher TP of HKD27.6 (from HKD27.3).
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ANTA Sports (2020 HK) Keep On Running - 1月 19, 2017 (6 页)
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We initiate our coverage on Anta with BUY rating at our Target price of HK$27.30, based on 20x FY17 P/E. We believe Anta, as the market leader in China sportswear market, is well positioned on the sports industry development into 2020F. Fundamentally, we see multiple drivers to our forecasted FY16F-18F net profit growth at +17.7%/16.2%/15% yoy, contributed by FILA, Anta kids and ecommerce
channel sales.
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