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>1H23 results was a strong beat primarily driven by FILA’s robust OP margin and the limited A&amp;P expenses.</li><li>Retail sales growth in May-Aug 2023 could still be weak but margin improvement should continue and we have now turned more positive.</li><li>Current valuation of 20x FY23E P/E is not too demanding.</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.

1H23 results was a strong beat primarily driven by FILA’s robust OP margin and the limited A&amp;P expenses.Retail sales growth in May-Aug 2023 could still be weak but margin improvement should continue and we have now turned more positive.Current valuation of 20x FY23E P/E is not too demanding.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) – Costs Control and Efficiency Gains Are the Keys

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> reported a set of resilient earnings in 1H23, with net profit up 32% yoy.</li>
<li>Management reconfirmed 2023 guidance for Fila and Anta at double-digit retail sales growth, and increased 2023 guidance for other brands to 40% yoy compared to 30% before. </li>
<li>Anta’s sales growth has been the most resilient in previous industry down-turns in China.  China macro worries should not be overly read through to Anta’s future results.</li>
</ul>



Anta Sports Products (2020 HK) reported a set of resilient earnings in 1H23, with net profit up 32% yoy.
Management reconfirmed 2023 guidance for Fila and Anta at double-digit retail sales growth, and increased 2023 guidance for other brands to 40% yoy compared to 30% before. 
Anta’s sales growth has been the most resilient in previous industry down-turns in China.  China macro worries should not be overly read through to Anta’s future results.


Anta Sports (2020 HK):  Most Resilient In Industry Down-Cycles

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike combined with unattractive valuations.</li>
<li>In the next several months, we think there is a higher probability of Feng Tay's share price underperforming versus Nike.</li>
<li>Feng Tay Enterprise is one of the largest global OEM/ODM companies that specializes the design and manufacturing of footwear. Nike is one of the largest customers of Feng Tay Enterprise. </li>
</ul>


We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike combined with unattractive valuations.
In the next several months, we think there is a higher probability of Feng Tay's share price underperforming versus Nike.
Feng Tay Enterprise is one of the largest global OEM/ODM companies that specializes the design and manufacturing of footwear. Nike is one of the largest customers of Feng Tay Enterprise. 


Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

<ul><li>2Q23 results was a slight beat with 1) inline retail sales growth (Anta was a miss but FILA and other brands had a beat) and 2) a better-than-expected retail discounts.</li><li>Since retail sales growth in Jun-Jul 2023 were similar and still weak, we think sales and earnings could remain at risk.</li><li>However, after massive derating since May 2023, current valuation of 23x FY23E P/E is not too demanding. </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.

2Q23 results was a slight beat with 1) inline retail sales growth (Anta was a miss but FILA and other brands had a beat) and 2) a better-than-expected retail discounts.Since retail sales growth in Jun-Jul 2023 were similar and still weak, we think sales and earnings could remain at risk.However, after massive derating since May 2023, current valuation of 23x FY23E P/E is not too demanding. 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 Slight Beat in 2Q23 but Outlook Is Still Fragile

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI)</a> last week closed strongly up. This week it's pulling back, but MRM pattern readings forecast a very short-lived pullback (-1 to -2 weeks).</li>
<li>The suggested strategy is: let the index play out its pullback (warning: it can be volatile) and then enter LONG trades when the probability is good.</li>
<li>
Suggested support price areas are between 18965 (Q2) and 18732 (Q3) - or this Friday at Close (as long as the close is negative).</li>
</ul>


The Hong Kong Hang Seng Index (HSI) last week closed strongly up. This week it's pulling back, but MRM pattern readings forecast a very short-lived pullback (-1 to -2 weeks).
The suggested strategy is: let the index play out its pullback (warning: it can be volatile) and then enter LONG trades when the probability is good.

Suggested support price areas are between 18965 (Q2) and 18732 (Q3) - or this Friday at Close (as long as the close is negative).


EQD | Hang Seng Index (HSI) WEEKLY Deep-But-Brief Pullback

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Anta Sports (2020 HK) – Costs Control and Efficiency Gains Are the Keys

Retail sales growth in May-Aug 2023 could still be weak but margin improvement should continue and we have now turned more positive.

CMB International

Anta Sports (2020 HK): Most Resilient In Industry Down-Cycles

Anta reported a set of resilient earnings in 1H23, with net profit up 32% yoy, compared to market consensus of 20-25% growth.

Steve

Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

We are negative on Feng Tay Enterprise's share price in the next 6-12 months mainly due to inventory/margin concerns at its largest customer Nike...

Douglas Kim

Anta Sports (2020 HK) – A Slight Beat in 2Q23 but Outlook Is Still Fragile

2Q23 results was a slight beat with 1) inline retail sales growth (Anta was a miss but FILA and other brands had a beat) and 2) a better-than...

CMB International

EQD | Hang Seng Index (HSI) WEEKLY Deep-But-Brief Pullback

The Hang Seng Index is pulling back, but this move should be short-lived according to the Market Reversal Matrix's analysis of the index's support...

Nico Rosti

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