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02020 ANTA SPORTS
RTNominal up77.300 +4.100 (+5.601%)
Others

10/07/2020 15:40

{I-bank focus}Jefferies ups Anta Sports (02020) to HK$90

[ET Net News Agency, 10 July 2020] Jefferies Research raised its target price for Anta
Sports Products (02020) to HK$90 from HK$83 and maintained its "buy" rating.
The research house expects 1H sales to increase by 3%, thanks to Fila (1H sales up 5%),
Anta e-commerce (1H sales up 35%), and better-than-expected wholesale revenue. Jefferies
forecast impacts to 1H gross margin due to significant off-line direct-to-consumer
exposure by Fila.
In addition, management indicated that 2020 will incur RMB200mn expenses related to
employee incentives. Having said that, Jefferies forecasts Anta to execute strong expenses
control. Jefferies cut its 2020/21 earnings by 3%/8%, respectively, mainly to model a more
promotional than the expected retail environment. (KL)

Remark: Real time quote last updated: 11/08/2020 17:58
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