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02020 ANTA SPORTS
RTNominal up83.200 +1.200 (+1.463%)
Research Report

30/07/2020 16:49

{I-bank focus}UBS raises Anta Sports (02020) to HK$84.92

[ET Net News Agency, 30 July 2020] UBS Global Research raised its target price for Anta
Sports Products (02020) to HK$84.92 from HK$69 and maintained its "buy" rating.
Anta issued 1H profit warning and management guided down 2H sales growth. Yet the
research house is still confident in Fila's growth momentum despite investors' concerns
over its inventory and discounting issue.
UBS believes discounting will not hurt Fila's brand image more than peers' as COVID-19
has led to promotional activities by all major sportswear brands in China.
Fila's 8x inventory-to-sales level worries the market but UBS said this is a lagging
indicator to reflect its latest inventory level. Anta is trading at 22x/18x 2021/22 PE
(versus 22x average 12-month forward PE in the past three years), still lower than global
peers' 23x 2021 PE.
UBS expects solid sales growth in 2H and easing inventory level for Fila, which would be
Anta's share price catalysts. (KL)

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