[ET Net News Agency, 3 July 2020] Goldman Sachs lowered its target price for Anta
Sports Products (02020) to HK$75 from HK$78 and maintained its "buy" rating.
The research house revised down Anta's 2020/21 net income estimates by 8%/1% but kept
its 2022 numbers largely unchanged, reflecting the wider losses from Amer but still solid
sales momentum in China especially for Fila brand.
Goldman believes Anta's strong execution should continue to drive the improvement in
China business and Fila brand should turn positive sales growth in 1H, though discount
remains aggressive.
But visibility in Amer's outlook remains low with COVID concerns in the US/Europe and
consumers turning more sensitive on pricing. (KL)