Anta: How to Benefit from the Fit Wannabe Craze in China

Channel Check Suggests Heightened Brand Awareness, Anta's FVE Lift to HKD 55

Anta's Rise to No.3 Sportswear Brand in Tmall Demonstrates Its Moat; FVE Raised to HKD 30 Per Share

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Equity Bottom-Up

<p>Narrow-moat <a href="https://www.smartkarma.com/entities/10261" target="_blank" data-smartkarma-citation="entities:10261:1">Anta Sports Products Ltd (2020 HK)</a>'s full-year 2017 result showed strong revenue growth in the second half but reduced operating margins. Second half revenue grew 30% with operating profit up a more subdued 22%, implying second-half operating margins of 22.3%. We put this margin contraction mainly down to costs associated with the expansion of newly acquired brands Descente, Kolon, and Kingkow, increased staff costs as Anta invested more in designers to create fashion-forward…</p>

Narrow-moat Anta Sports Products Ltd (2020 HK)'s full-year 2017 result showed strong revenue growth in the second half but reduced operating margins. Second half revenue grew 30% with operating profit up a more subdued 22%, implying second-half operating margins of 22.3%. We put this margin contraction mainly down to costs associated with the expansion of newly acquired brands Descente, Kolon, and Kingkow, increased staff costs as Anta invested more in designers to create fashion-forward…

Another Strong Result for Anta; FVE Increased to HKD 43