HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Contribution from <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> will rise to 5.1%, 7.2%, and 8.9% of <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>'s earnings in FY24-26, making it increasingly important.</li>
<li>Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.</li>
<li>Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.</li>
</ul>


Contribution from Amer Sports (AS US) will rise to 5.1%, 7.2%, and 8.9% of Anta Sports Products (2020 HK)'s earnings in FY24-26, making it increasingly important.
Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.
Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.


Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating, $29 price target and projections for Guess?</li><li>after visiting stores in Long Island and the Metro New York City area.</li><li>We believe, with the Fall fashion season in full bloom, the company has continued to raise the stakes for elevation, escalating key categories such as sweaters, outerwear and activewear, while raising the stakes for denim and focusing even more attention on accessories as a key play for Holiday events/parties.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting stores in Long Island and the Metro New York City area.We believe, with the Fall fashion season in full bloom, the company has continued to raise the stakes for elevation, escalating key categories such as sweaters, outerwear and activewear, while raising the stakes for denim and focusing even more attention on accessories as a key play for Holiday events/parties.

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

<ul><li>We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess?</li><li>stores in Milan, Italy.</li><li>We believe, in the second largest country for Guess?</li></ul>

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess?stores in Milan, Italy.We believe, in the second largest country for Guess?

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, $29 price target and projections for Guess?</li><li>after visiting the newly opened Guess Jeans store and wholesale displays in the Milan metro area.</li><li>Guess Jeans represents the company's focus on a younger, more environmentally driven consumer who is looking for easy to wear, primarily denim driven basics.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting the newly opened Guess Jeans store and wholesale displays in the Milan metro area.Guess Jeans represents the company's focus on a younger, more environmentally driven consumer who is looking for easy to wear, primarily denim driven basics.

GES: Snapping the Store: Guess Jeans - New Store Launch - Milan - Reiterate Buy

<ul><li>We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?</li><li>stores in London.</li><li>As we near the peak Fall season, Guess?</li></ul>

We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?stores in London.As we near the peak Fall season, Guess?

GES: Snapping the Store - London - Fall Elevation Rising; Reiterate Buy, $29 PT

United States

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

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Lululemon Athletica (LULU US)

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in Long Island and the Metro New York City...

Small Cap Consumer Research

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess? stores in Milan, Italy. We believe,...

Small Cap Consumer Research

GES: Snapping the Store: Guess Jeans - New Store Launch - Milan - Reiterate Buy

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting the newly opened Guess Jeans store and wholesale...

Small Cap Consumer Research

GES: Snapping the Store - London - Fall Elevation Rising; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections after reviewing Guess? stores in London. As we near the peak Fall season, Guess?

Small Cap Consumer Research

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52-week Range

Market Cap (USDm)

P/E

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Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

​Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in Long Island and the Metro New York City...

Small Cap Consumer Research

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess? stores in Milan, Italy. We believe,...

Small Cap Consumer Research

GES: Snapping the Store: Guess Jeans - New Store Launch - Milan - Reiterate Buy

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting the newly opened Guess Jeans store and wholesale...

Small Cap Consumer Research

GES: Snapping the Store - London - Fall Elevation Rising; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections after reviewing Guess? stores in London. As we near the peak Fall season, Guess?

Small Cap Consumer Research

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...