[ET Net News Agency, 9 December 2019] CLSA noted that Anta Sports (02020) reported an
FY2019 positive profit alert where the company expected over 30% reported net profit
growth and over 45% core net profit growth excluding Amer JV loss, which was expected to
be no more than Rmb650m.
The research house said the strong profit outcome was driven by over 35% sales growth,
gross margin expansion, and a relatively stable operating expense ratio. Amer JV loss was
driven by purchase price allocation (PPA) and M&A-related expenses, partly offset by
positive profit contribution from the core Amer business.
Overall, at the core level, CLSA said the profit alert implied some upside to its
current forecasts albeit December is still ongoing. It made no change to its forecasts at
this stage and CLSA reiterated its "outperform" call on Anta, with an HK$81 target price.
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02020 ANTA SPORTS
Nominal 
87.250 +1.650 (+1.928%) Research Report
09/12/2019 15:32
{I-bank focus}Anta's alert implies upside to CLSA's numbers
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