Anta Sports (2020.HK) FY18 Results Beyond Market Expectations; Conservatively Optimistic Guidance for FY19 March 1, 2019

PSR Recommendation: ACCUMULATEStatus: MaintainedTarget Price: HKDHKD50.80

Investment Summary

Anta reported 2018 operating results beating market expectation. Anta brand realized
mid-teens growth and non-Anta brand delivered yoy growth between 80% to 85%.
Benefiting from rising same store sales and operation efficiency, we expect the turnover
to stably grow in future. In 2019, it targets to deliver over 20% topline growth. We
estimate 19E/20E EPS to be RMB1.82/2.20 respectively, and raise TP to HKD50.8,
Accumulating rating. (Closing price at 27 Feb 2019)

About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

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