ANTA Sports Products Ltd (2020 HK)
​Anta Sports (Anta) is a leading sporting goods manufacturer in China and presents an attractive investment opportunity in the sector. Anta has delivered strong revenue, margin and profit performance over the past few years – 24% and 25% revenue and net income CAGR respectively over 2013-15 with an EBIT margin gain of nearly 270 bps to 24% over the same period. We expect this strong performance to continue through the next few years given improving macro-economic drivers, expanding market share and rising brand equity. The Street’s current 12-month target price of HKD 20.8 implies a 21% upside from the current trading level.
Business overview
Established in 1994, Anta is headquartered in Jinjiang city of China’s Fujian province. Anta is a subsidiary of Anta International Group Holdings Limited and was listed on the Hong Kong Stock Exchange in 2007. One of China’s leading sportswear brands, it caters to “Anta†branded products including athletic shoes, apparel and accessories.
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.
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