Anta's mass positioning allows it to benefit from a growing pie in China's sportswear industry.
Narrow-moat Anta’s full-year result beat our expectations. Full-year revenue was CNY 13.3 billion, higher than our estimate of CNY 13.1 billion. Operating profit came in at CNY 3,203 million, higher than our estimate of CNY 3.1 billion. Operating margin was 24.0%, a decline of 20 basis points, which is a bigger decline (by 10 basis points) than we expected, due to higher-than-expected marketing expenses--for the Olympics, for example. Total dividend per share was HKD 0.76 in the year, translatin...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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