Another Strong Result for Anta; FVE Increased to HKD 43
Narrow-moat Anta’s full-year 2017 result showed strong revenue growth in the second half but reduced operating margins. Second half revenue grew 30% with operating profit up a more subdued 22%, implying second-half operating margins of 22.3%. We put this margin contraction mainly down to costs associated with the expansion of newly acquired brands Descente, Kolon, and Kingkow, increased staff costs as Anta invested more in designers to create fashion-forward products, and continued store expansi...
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