Anta Sports Products Ltd.

ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
  • TickerAS7
  • ISINKYG040111059
  • SectorPersonal Goods
  • CountryGermany

Analysts

UOB
Greater China Research Team

Strategy - Beyond COVID-2019

While workers in major cities are returning to work on 10 February, mobility restrictions and shortage of protective masks will lead to a slow start. Hence, 1Q20 is likely to be a washout. But investors have looked beyond the impact of COVID- 2019, with the index recovering more than half of the initial decline. Even with the sharp rebound, some stocks remain attractive, namely CK Asset, PICC P&C, Stella, and Xiabuxiabu.

UOB
Ivy Xu Da ...
  • Robin Yuen

Anta Sports - CB issuance a win for both Anta and equity shareholders

Anta announced the issuance of €1b zero-coupon CBs due 2025 with the funds to be mainly used for refinancing existing debt, on the strike price of HK$105.28 (40% up of last closing price). Anta also reported a strong 4Q19 performance, largely in line with our forecast. We keep Anta as our top pick and maintain BUY with a higher target price of HK$82.00 due to the finance cost savings from the CB issuance and existing debt payback.

UOB
Chaiwat Arsirawichai ...
  • Chong Lee Len
  • Ivy Xu Da
  • Jayson Kong
  • Jie Ying Chloe Tan
  • Lee Yuk Kei
  • Malaysia Research Team
  • Robin Yuen
  • Shaun Tan
  • Tham Mun Hon

Regional Morning Notes - Wednesday, January 15, 2020

GREATER CHINA Economics Trade: Dec 19: Helped by a low base and an early Lunar New Year. Sector IT Hardware: Handset Components: 5G will be the key theme for 2020. REITs & Landlords: 2020 outlook: Prefer exposure to the resilient non-discretionary segment. Update Anta Sports (2020 HK/BUY/HK$75.45/Target: HK$82.00): CB issuance a win for both Anta and equity shareholders. MALAYSIA Update Astro Malaysia (ASTRO MK/HOLD/RM1.24/Target: RM1.35): The stock still lacks re-rating catalysts despite management’s efforts to defend revenue and minimise costs. SINGAPORE Update Singapore Telecommunicatio...

UOB
Ivy Xu Da ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Lee Yuk Kei
  • Robin Yuen
  • Shaun Tan
  • Tham Mun Hon

Greater China Daily: Wednesday, January 15, 2020

KEY HIGHLIGHTS Economics Trade Dec 19: Helped by a low base and an early Lunar New Year. Sector IT Hardware Handset Components: 5G will be the key theme for 2020. REITs & Landlords 2020 outlook: Prefer exposure to the resilient non-discretionary segment. Update Anta Sports (2020 HK/BUY/HK$75.45/Target: HK$82.00) CB issuance a win for both Anta and equity shareholders. TRADERS’ CORNER BJ Enterprises Water (371 HK): Trading Buy Range CMS (867 HK): Trading Buy Range

UOB
Ivy Xu Da ...
  • Robin Yuen

Sportswear - 2020 outlook: Solid growth prospects

We believe the sportswear sector will sustain its robust growth, driven by rising health awareness, increasing sports participation and policy support. Domestic brand recognition has recovered, due to multi-brand strategies that can help capture opportunities from the mass to affordable-luxury markets. In our view, the three stronger domestic brands will stay resilient. Maintain OVERWEGHT. Top pick: Anta.

UOB
Ivy Xu Da ...
  • Robin Yuen

Anta Sports - CB issuance a win for both Anta and equity shareholders

Anta announced the issuance of €1b zero-coupon CBs due 2025 with the funds to be mainly used for refinancing existing debt, on the strike price of HK$105.28 (40% up of last closing price). Anta also reported a strong 4Q19 performance, largely in line with our forecast. We keep Anta as our top pick and maintain BUY with a higher target price of HK$82.00 due to the finance cost savings from the CB issuance and existing debt payback.

UOB
Chaiwat Arsirawichai ...
  • Chong Lee Len
  • Ivy Xu Da
  • Jayson Kong
  • Jie Ying Chloe Tan
  • Lee Yuk Kei
  • Malaysia Research Team
  • Robin Yuen
  • Shaun Tan
  • Tham Mun Hon

Regional Morning Notes - Wednesday, January 15, 2020

GREATER CHINA Economics Trade: Dec 19: Helped by a low base and an early Lunar New Year. Sector IT Hardware: Handset Components: 5G will be the key theme for 2020. REITs & Landlords: 2020 outlook: Prefer exposure to the resilient non-discretionary segment. Update Anta Sports (2020 HK/BUY/HK$75.45/Target: HK$82.00): CB issuance a win for both Anta and equity shareholders. MALAYSIA Update Astro Malaysia (ASTRO MK/HOLD/RM1.24/Target: RM1.35): The stock still lacks re-rating catalysts despite management’s efforts to defend revenue and minimise costs. SINGAPORE Update Singapore Telecommunicatio...

UOB
Tham Mun Hon

CHINA/HK MARKET STRATEGY FOR 2020: 143-page report – Price = US$500:-

UOB Kay Hian published on 11th December a 143-page China/HK strategy report, which highlights our preferred sectors and stocks for 1H 2020. The report includes sections on:- * Market Strategy for 2020: pages 4 – 15; * Stock Recommendations: page 16; * China 2020 Economic Outlook: pages 17 – 26; * Review of Sectors: pages 27 – 112; * Company Updates - Top Stock Picks: pages 114 – 143. For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages and free trials), please contact David Osman or Simon Dickson i...

UOB
Benyamin Mikael ...
  • Desmond Chong Chee Wai
  • Ivy Xu Da
  • John Cheong Ming Chern
  • Kader Farhan Bin Kader Ridzwan
  • Kowit Pongwinyoo
  • Llelleythan Tan Tan
  • Robin Yuen

Regional Morning Notes - Friday, December 13, 2019

GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$72.00/Target: HK$81.00): “The challenge road” to 2023. INDONESIA Small/Mid Cap Highlights Cardig Aero Services (CASS IJ/NOT RATED/Rp635): Long-term growth opportunity in the future. MALAYSIA Results EcoWorld Development (ECW MK/HOLD/RM0.77/Target: RM0.72): FY19: Net profit above expectation on higher JV contributions and billings from domestic projects. Expect earnings to sustain in FY20, underpinned by unbilled sales of RM5.2b. VS Industry (VSI MK/BUY/RM1.32/Target: RM1.60): 1QFY20: In line. Offers a more compelling investment proposition for i...

UOB
Ivy Xu Da ...
  • Joyce Chan Pui Lai
  • Robin Yuen

Greater China Daily: Friday, December 13, 2019

KEY HIGHLIGHTS Update Anta Sports (2020 HK/BUY/HK$72.00/Target: HK$81.00) “The challenge road” to 2023. TRADERS’ CORNER Shenzhen Expressway (548 HK): Trading Buy Range Galaxy Entertainment (27 HK): Trading Buy Range

UOB
Joyce Chan Pui Lai ...
  • Katrina Chen Chucan
  • Zhifeng Shen

Greater China Daily: Thursday, September 19, 2019

KEY HIGHLIGHTS Sector Wind Power Recovery in WTG prices and low wind power curtailment continue. TRADERS’ CORNER Anta Sports (2020 HK): Trading Buy Range Meituan-W (3690 HK): Trading Sell Range

UOB
Carol Dou Xiao Qin ...
  • Eric Wang Zhen
  • Jayson Kong
  • Johnny Yum Chung Man
  • Joyce Chan Pui Lai
  • Julia Cheung Pui Man
  • Katrina Chen Chucan
  • Ken Lee
  • Lee Yuk Kei
  • Michael Cheung Ho Bun
  • Robin Yuen
  • Zhifeng Shen

Greater China Daily: Tuesday, August 27, 2019

KEY HIGHLIGHTS CHINA Results Anta Sports (2020 HK /BUY/HK$61.25/Target: HK$68.00) 1H19: Results beat profit alert. China Merchants Bank (3968 HK/BUY/HK$35.90/Target: HK$43.03) 1H19: Profit growth in line; asset quality beats expectations. Great Wall Motor (2333 HK/SELL/HK$4.93/Target: HK$2.00) 2Q19: Core profit slumps 59% yoy, in line; sustained earnings headwind from price cuts. Slash target price to HK$2.00. Goldwind Science & Technology (2208 HK/BUY/HK$8.44/Target: HK$9.65) 1H19: Strong WTG sales and profit margin recovery ahead. Upgrade to BUY. PICC Property and Casualty (2328 HK/B...

UOB
Joyce Chan Pui Lai ...
  • Nick Liu Sunliang
  • Robin Yuen
  • Shaun Tan

Greater China Daily: Friday, July 12, 2019

KEY HIGHLIGHTS CHINA Sector Property Embracing megacity clusters. Update Anta Sports (2020 HK/BUY/HK$51.30 /Target: HK$60.00) 2Q19 operational data in line while management rebuts short-seller allegations. TRADERS’ CORNER China Overseas Grand Oceans (81 HK): Trading Buy Range Greentown Service (2869 HK): Trading Buy Range

UOB
Nick Liu Sunliang ...
  • Robin Yuen
  • Zhifeng Shen

Greater China Daily: Tuesday, July 9, 2019

KEY HIGHLIGHTS CHINA Initiate Coverage Wind Power Benefits from wind power installation rush. Sector Property Weekly: Trust financing will face tighter policies. Update Anta Sports (2020 HK/BUY/HK$51.25/Target: HK$60.00) Retelling an open secret.

UOB
Carol Dou Xiao Qin ...
  • Joyce Chan Pui Lai
  • Michael Cheung Ho Bun
  • Robin Yuen

Greater China Daily: Friday, May, 31, 2019

KEY HIGHLIGHTS CHINA Sector Healthcare Challenges and opportunities in 2H19. Update Anta Sports (2020 HK/BUY/HK$46.95/Target: HK$60.00) Short seller rehashes old arguments. TRADERS’ CORNER MicroPort (853 HK): Trading Sell Range Shenzhou Int’l (2313 HK): Trading Sell Range

With a more favourable environment, ANTA SPORTS PRDS.LTD. improves to Positive

ANTA SPORTS PRDS.LTD. (HK), a company active in the Footwear industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date November 29, 2019, the closing price was HKD 73.60 and its potential was estimated at HKD 84.24.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

UOB
Greater China Research Team

Strategy - Beyond COVID-2019

While workers in major cities are returning to work on 10 February, mobility restrictions and shortage of protective masks will lead to a slow start. Hence, 1Q20 is likely to be a washout. But investors have looked beyond the impact of COVID- 2019, with the index recovering more than half of the initial decline. Even with the sharp rebound, some stocks remain attractive, namely CK Asset, PICC P&C, Stella, and Xiabuxiabu.

UOB
Ivy Xu Da ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Lee Yuk Kei
  • Robin Yuen
  • Shaun Tan
  • Tham Mun Hon

Greater China Daily: Wednesday, January 15, 2020

KEY HIGHLIGHTS Economics Trade Dec 19: Helped by a low base and an early Lunar New Year. Sector IT Hardware Handset Components: 5G will be the key theme for 2020. REITs & Landlords 2020 outlook: Prefer exposure to the resilient non-discretionary segment. Update Anta Sports (2020 HK/BUY/HK$75.45/Target: HK$82.00) CB issuance a win for both Anta and equity shareholders. TRADERS’ CORNER BJ Enterprises Water (371 HK): Trading Buy Range CMS (867 HK): Trading Buy Range

UOB
Ivy Xu Da ...
  • Robin Yuen

Sportswear - 2020 outlook: Solid growth prospects

We believe the sportswear sector will sustain its robust growth, driven by rising health awareness, increasing sports participation and policy support. Domestic brand recognition has recovered, due to multi-brand strategies that can help capture opportunities from the mass to affordable-luxury markets. In our view, the three stronger domestic brands will stay resilient. Maintain OVERWEGHT. Top pick: Anta.

UOB
Greater China Research Team ...
  • Tham Mun Hon

China Market Strategy: 2020 – Keeping The Vision

As a comprehensive Sino-US trade deal remains elusive, China’s policy reflation will have to continue in 2020, not forgetting its goal of doubling its 2010 GDP. Key policies will focus on supporting FAI, the property market and domestic liquidity conditions. Key beneficiaries are building materials, heavy machinery, developers and consumer names. We are going OVERWEIGHT real estate, funded by an UNDERWEIGHT in financials.

UOB
Ivy Xu Da ...
  • Robin Yuen

Sportswear - Concerns overblown on NBA incident.

The NBA incident generated shockwaves across sportswear, media, and F&B names as corporates cancelled their collaborations with NBA and/or the Houston Rockets team. We assess the ramifications in this report. In our view, Li Ning is likely to be a net beneficiary of Chinese patriotic spending, while the NBA basketball fallout is expected to have a minor impact on sportswear names. Upgrade Li Ning to BUY with a higher target price due to positive sentiment momentum, while we retain Anta as our top pick for its long-term growth. Maintain OVERWEIGHT.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan is the exception. Hong Kong's Hang Seng Index also remains on bullish footing... see pages 2 and 5-11...

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