Investment Summary Anta Sport announced the company's operating data for Q2 and the 1H on July 8. The company's retail sales value growth in the second quarter was outstanding. Anta's main brand 2Q21 retail sales value increased by 35%-40% Yoy; FILA brand 2Q21 retail sales value Yoy Growth of 30%-35%; 2Q21 retail sales value of other brands increased by 70%-75% Yoy. In the first half of the year, Anta and FILA's retail performance exceeded the company's original expected growth. In...
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Report type: Weekly Strategy “MSCI Rebalancing, Legal Reforms & System Changes and Aircraft Demand” On 27/5, the trading value of the First Section of the Tokyo Stock Exchange became approx. 5.6 trillion yen, a high level since February 2018. With the international investment index, MSCI, having announced the regular switching of indexes on 12th May, since that switch was to be implemented after the end of trading on 27/5, attention was on the movements of related stocks throughout the closing....
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• 4Q18 revenue and net profit were below expectations by 17% and 38%. Spirits volume collapsed and beer business swung into a net loss in weighted down by falling revenues and surging interest expense.
• Maintain REDUCE with lower SOTP-derived TP of S$0.57 (previously S$0.62) as we trim our FY19e earnings by 7%.