[ET Net News Agency, 15 January 2020] Goldman Sachs raised its target price for Anta
Sports Products (02020) to HK$88.2 from HK$84.6 and maintained its "buy" rating.
Anta held a conference call today regarding its 4Q 2019 trading update and the recent
announcement of convertible bond issuance. In terms of business performance, although the
level of discounts increased in 4Q for Fila and Anta brands, inventory levels were still
healthy, with both Anta and Fila growth momentum remaining strong despite a higher base
for Fila.
Post the issuance of convertible bonds, management plans to raise the dividend payout
ratio in 2H to 50% from the previously guided 30% and payback EUR500-600mn of its EUR850mn
debt. Goldman marginally raised its 2019-21 net income forecasts to factor in
better-than-expected Fila sales and net interest expense savings from debt payback. (KL)
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02020 ANTA SPORTS
Nominal 
74.600 +2.350 (+3.253%) Research Report
15/01/2020 17:14
{I-bank focus}Goldman raises Anta Sports (02020) to HK$88.2
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