Channel Check Suggests Heightened Brand Awareness, Anta's FVE Lift to HKD 55
We are raising our fair value estimate for narrow-moat Anta to HKD 55 per share from HKD 43 as we believe very strong first-quarter numbers were not just a result of cold weather but have a more sustainable base, particularly from Fila. We also add more optimistic long-term margin assumptions as sales of higher-margin acquired brands products, namely Fila, Descente, Kingkow, and Kolon contribute increasingly to group revenue. We continue to believe Anta’s successful implementation of a multibran...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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