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)