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<Research>CITIC Securities: ANTA SPORTS (02020.HK) Develops Steadily, Getting Better
Recommend 5 Positive 5 Negative 4 |
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CITIC Securities released a report on ANTA SPORTS (02020.HK), which had announced its 1Q operational data, with Anta/Fila/other brands' RSV growing by MSD/HSD/25-30%. Anta/Fila brands' 1Q RSV growth was slower than the full-year guidance range, but sales progress remained on track. At the same time, the Company's inventory/discount position for all brands was back to healthy levels. Looking ahead to 2024, the Anta brand has rich reserves of product/marketing resources for the Olympic Games, the Fila brand has healthy retail indicators, and the top brands/merchandise/channel strategy will continue to unleash profits. The report expected the sales performance of each brand to improve in the coming quarters and maintained a Buy rating on ANTA SPORTS. The broker believed that Anta's pace of development is steady and getting better. The report maintained its EPS forecasts of RMB4.26/RMB4.85/RMB5.51 for the period from 2024-26 respectively. Considering the uncertainty of consumption recovery, the broker gave the company a 22x 2024E PE, which corresponds to a TP of HK$103. AAStocks Financial News |
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