External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.</li><li>Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.</li><li>Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced

<ul><li>Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel).</li><li>Going forward in 2H24E, we still think sales growth could improve slightly.</li><li>On one hand, we are more confident about Anta’s new products, new store formats and brand building market etc. But on the other hand, we are turned slightly more cautious about FILA. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel).Going forward in 2H24E, we still think sales growth could improve slightly.On one hand, we are more confident about Anta’s new products, new store formats and brand building market etc. But on the other hand, we are turned slightly more cautious about FILA. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Stay Cautious About FY24E After an Inline 2Q24

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Contribution from <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> will rise to 5.1%, 7.2%, and 8.9% of <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>'s earnings in FY24-26, making it increasingly important.</li>
<li>Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.</li>
<li>Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.</li>
</ul>


Contribution from Amer Sports (AS US) will rise to 5.1%, 7.2%, and 8.9% of Anta Sports Products (2020 HK)'s earnings in FY24-26, making it increasingly important.
Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.
Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.


Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>, <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, and <a href="https://www.smartkarma.com/entities/xtep-international-holdings" target="_blank" data-smartkarma-citation="entities:18118:1" rel="noopener">Xtep International (1368 HK)</a> have announced 1Q24 operational updates, with additional color given in post conference calls.  </li>
<li>Anta: Retail sales started to accelerate in mid-March, and March were better than January and February. </li>
<li>Li Ning:  offline retail sales down low-single-digit in 1Q24, driven by wholesale down mid-single-digit, while retail grew mid-single-digit.  E-commerce grew 20-30% yoy.  </li>
</ul>



Anta Sports Products (2020 HK), Li Ning (2331 HK), and Xtep International (1368 HK) have announced 1Q24 operational updates, with additional color given in post conference calls.  
Anta: Retail sales started to accelerate in mid-March, and March were better than January and February. 
Li Ning:  offline retail sales down low-single-digit in 1Q24, driven by wholesale down mid-single-digit, while retail grew mid-single-digit.  E-commerce grew 20-30% yoy.  


Anta/Li Ning/Xtep:  China Sportswear 1Q24 Update

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced

We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.

CMB International

Anta Sports (2020 HK) - Stay Cautious About FY24E After an Inline 2Q24

Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts

CMB International

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

Anta/Li Ning/Xtep: China Sportswear 1Q24 Update

Anta Sports (2020 HK), Li Ning (2331 HK), and Xtep International (1368 HK) have announced 1Q24 operational updates, with additional color given in...

Steve

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced

We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.

CMB International

Anta Sports (2020 HK) - Stay Cautious About FY24E After an Inline 2Q24

Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts

CMB International

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

​Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

Anta/Li Ning/Xtep: China Sportswear 1Q24 Update

Anta Sports (2020 HK), Li Ning (2331 HK), and Xtep International (1368 HK) have announced 1Q24 operational updates, with additional color given in...

Steve

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...