External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook.</li><li>We are still cautious about its FY24E sales growth but remain confident on the net profit margin.</li><li>Maintain BUY and raise TP to HK$ 126.68, based on 23x FY25E P/E (revised up from 20x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook.We are still cautious about its FY24E sales growth but remain confident on the net profit margin.Maintain BUY and raise TP to HK$ 126.68, based on 23x FY25E P/E (revised up from 20x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - All Eyes on 4Q24E for the Room of Re-Rating

<ul><li>The Anta Superstore we visited is fairly competitive and should be a decent growth driver onwards, supported by its superior price to quality and great variety of choices.</li><li>Moreover, it can also acquire more family-type customers, and it has reasonable room for store expansion and decent financials (both sales per store and sales per sq.m are better than Anta regular stores, based on our estimates).</li><li>We were slightly doubtful about Anta’s execution of its segmentation strategy back on its Investor Day in Oct 2023, but the success of many of its new store formats such as “Anta Superstore”, “Anta Champion”, “ANTA SNEAKERVERSE”, as well as the “Anta Arena” and “Anta Palace” have given us a lot more confidence in its future growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Anta Superstore we visited is fairly competitive and should be a decent growth driver onwards, supported by its superior price to quality and great variety of choices.Moreover, it can also acquire more family-type customers, and it has reasonable room for store expansion and decent financials (both sales per store and sales per sq.m are better than Anta regular stores, based on our estimates).We were slightly doubtful about Anta’s execution of its segmentation strategy back on its Investor Day in Oct 2023, but the success of many of its new store formats such as “Anta Superstore”, “Anta Champion”, “ANTA SNEAKERVERSE”, as well as the “Anta Arena” and “Anta Palace” have given us a lot more confidence in its future growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Takeaways from the Anta Superstore Visit

<ul><li>We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.</li><li>Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.</li><li>Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced

<ul><li>Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel).</li><li>Going forward in 2H24E, we still think sales growth could improve slightly.</li><li>On one hand, we are more confident about Anta’s new products, new store formats and brand building market etc. But on the other hand, we are turned slightly more cautious about FILA. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel).Going forward in 2H24E, we still think sales growth could improve slightly.On one hand, we are more confident about Anta’s new products, new store formats and brand building market etc. But on the other hand, we are turned slightly more cautious about FILA. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Stay Cautious About FY24E After an Inline 2Q24

<ul><li>Retail sales growth in 1Q24 was slow, but it was widely expected.</li><li>We see FY24E growth supported by: 1) healthy momentum in late Mar, 2) an exciting product launch pipeline, 3) further segmentation by Anta in terms of products and store format, and 4) gradual improvement in retail discounts (rather achievable for e-commerce).</li><li>We maintain BUY and continue to see Anta as our sportswear sector top pick. It is trading at 16x FY24E P/E, undemanding given its turnaround trend.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail sales growth in 1Q24 was slow, but it was widely expected.We see FY24E growth supported by: 1) healthy momentum in late Mar, 2) an exciting product launch pipeline, 3) further segmentation by Anta in terms of products and store format, and 4) gradual improvement in retail discounts (rather achievable for e-commerce).We maintain BUY and continue to see Anta as our sportswear sector top pick. It is trading at 16x FY24E P/E, undemanding given its turnaround trend.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - An Inline 1Q24 Plus an Improving Outlook

China

ANTA Sports designs, develops, manufactures, and markets professional sports products, including footwear, apparel, and accessories. The company operates a multi-brand portfolio that includes ANTA, FILA (in China), DESCENTE, KOLON SPORT, and JACK WOLFSKIN, and is the largest shareholder of Amer Sports. It was founded in 1991 and is headquartered in Jinjiang, Fujian, China.

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ANTA Sports (2020 HK)