Field Trip to Anta’s Headquarters Indicates Anta Is on the Right Track; Raising FVE by 5%
With sound positioning and pricing strategies, improved store image and products, more effort to respond to current trends, and proprietary research and development, we reaffirm Anta’s narrow moat rating and increase our fair value estimate by 5% to HKD 21 per share. After on-the-ground checks in Anta’s headquarters and factory in Jinjiang and Anta stores in Xiamen, we have more confidence in Anta’s adult strategy and products, and therefore raise our estimate for Anta’s adult offline revenue gr...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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