Anta Sports Placed Shares for a Large Acquisition on Our Estimate; FVE Maintained
After narrow-moat Anta Sports’ issuance of new shares equivalent to 6.54% of issued shares after the placing and subscription of shares (details below), we maintain our fair value estimate of HKD 20.00 per share. Our view was that the group is a solid operator but valuation was stretched; however, after the sell-off, we think shares are fairly valued. We estimate much of the proceeds will go to a larger-scale acquisition of a sportswear brand. ÂAnta International, 93.6% owned by three family tr...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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