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>FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.</li><li>On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.</li><li>Performance during Jan-Feb 2025 was inline, if not better than targets.</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.

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.Performance during Jan-Feb 2025 was inline, if not better than targets.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) - Prudent Targets but the Trend Is Encouraging

HK/China Equity Long-Short

Osbert Tang, CFA

<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>'s strong FY24 result is masked by one-offs and <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>. Without them, its earnings would have declined by an alarming 5.4% in 2H24. </li>
<li>Its ANTA and FILA brands have seen YoY operating profit drop in 2H24, with heavy margin pressure. Their revenue growth has also showed meaningful slowdown sequentially.</li>
<li>The 18.6x PER for FY25 is at a 50% premium to the sector, but the market expectation of 15% growth looks challenging. The YTD rally has opened room for profit-taking.</li>
</ul>



Anta Sports Products (2020 HK)'s strong FY24 result is masked by one-offs and Amer Sports (AS US). Without them, its earnings would have declined by an alarming 5.4% in 2H24. 
Its ANTA and FILA brands have seen YoY operating profit drop in 2H24, with heavy margin pressure. Their revenue growth has also showed meaningful slowdown sequentially.
The 18.6x PER for FY25 is at a 50% premium to the sector, but the market expectation of 15% growth looks challenging. The YTD rally has opened room for profit-taking.


Anta Sports (2020 HK): Need to Exercise Caution

<ul><li>Anta brand retail sales growth were inline but that of FILA and other brands’ was a beat in 3Q24.</li><li>While we are cautious about FY25E, we are still confident that Anta Group could outperform the industry with stable sales growth and margin improvements.</li><li>Maintain BUY and TP at HK$ 126.68, based on 23x FY25E P/E (unchanged).</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.

Anta brand retail sales growth were inline but that of FILA and other brands’ was a beat in 3Q24.While we are cautious about FY25E, we are still confident that Anta Group could outperform the industry with stable sales growth and margin improvements.Maintain BUY and TP at HK$ 126.68, based on 23x FY25E P/E (unchanged).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 Beat in 4Q24 but a Conservative Outlook

<ul><li>Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook.</li><li>We are still cautious about its FY24E sales growth but remain confident on the net profit margin.</li><li>Maintain BUY and raise TP to HK$ 126.68, based on 23x FY25E P/E (revised up from 20x).</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.

Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook.We are still cautious about its FY24E sales growth but remain confident on the net profit margin.Maintain BUY and raise TP to HK$ 126.68, based on 23x FY25E P/E (revised up from 20x).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) - All Eyes on 4Q24E for the Room of Re-Rating

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>Anta top line outperformed competitors, both overseas and domestic brands, in China.</li>
<li>We believe all margins will be stable and EPS will rise by 41% in 2024.</li>
<li>However, we believe Anta is overvalued at the current price.</li>
</ul>


Anta top line outperformed competitors, both overseas and domestic brands, in China.
We believe all margins will be stable and EPS will rise by 41% in 2024.
However, we believe Anta is overvalued at the current price.


Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price

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) - Prudent Targets but the Trend Is Encouraging

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.

CMB International

Anta Sports (2020 HK): Need to Exercise Caution

Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...

Osbert Tang, CFA

Anta Sports (2020 HK) - A Beat in 4Q24 but a Conservative Outlook

While we are cautious about FY25E, we are still confident that Anta Group could outperform the industry with stable sales growth and margin...

CMB International

Anta Sports (2020 HK) - All Eyes on 4Q24E for the Room of Re-Rating

Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government...

CMB International

Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price

Anta outperformed competitors, both overseas and domestic brands, in China. We believe all margins will be stable and EPS will rise by 41% in 2024....

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anta Sports (2020 HK) - Prudent Targets but the Trend Is Encouraging

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.

CMB International

Anta Sports (2020 HK): Need to Exercise Caution

​Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...

Osbert Tang, CFA

Anta Sports (2020 HK) - A Beat in 4Q24 but a Conservative Outlook

While we are cautious about FY25E, we are still confident that Anta Group could outperform the industry with stable sales growth and margin...

CMB International

Anta Sports (2020 HK) - All Eyes on 4Q24E for the Room of Re-Rating

Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government...

CMB International

Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price

Anta outperformed competitors, both overseas and domestic brands, in China. We believe all margins will be stable and EPS will rise by 41% in 2024....

Ming Lu

Anta's strong FY24 result was overshadowed by one-offs and Amer's impact, with earnings declining by 5.4% in 2H24. ANTA and FILA brands facing...