Anta's FVE Increased to HKD 37 With Narrow-Moat Stable Trend Reaffirmed as We Transfer Coverage
We transfer coverage of Anta, retaining our narrow moat rating with stable moat trend. We lift our fair value estimate to HKD 37 from HKD 30 with higher sales to drive cash flows. Our fair value estimate for Anta is driven primarily by strong growth in Fila and online direct-to-consumer sales that lift margins, and rising contribution from newly acquired brands Descente, Kolon, and Kingkow. We believe these factors will drive strong five-year revenue CAGR of 17.8%, and lead to a midcycle growth ...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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.