市況評論

作者

譚思聰先生 (Gary Tam)
經理

現任輝立証券分行經理, 樂意為客戶提供投資股票策略及期權分析,對提高投資組合回報有豐富經驗, 歡迎各位來電交流心得。
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ANTA SPORTS (2020)

2019年12月9日 星期一 觀看次數2143

Business Summary:

 

ANTA brand was established in 1991 while ANTA Sports Products Limited, a leading sportwear company in China, was listed on HKEX since 2007. For many years, ANTA Sports has been principally engaging in the design, development, manufacturing and marketing of ANTA sportswear series to provide the mass market in China with professional sporting products including footwear, apparel and accessories.

In recent years, the company has started moving full steam ahead with the strategy of “Single-focus, Multi-brand, and Omni-channel” to deepen her footprint in the sportswear market. The group embraces a vibrant brand portfolio, including ANTA, FILA, DESCENTE, SPRANDI, KINGKOW and KOLON SPORT.

The enterprise acquired Amer Sports Corporation in 2019, a Finnish sportswear group that has internationally recognized brands. Currently, ANTA sports is China's biggest sportswear retailer by market value.

 

Business Summary and Prospect:

 

For the six months ended 30 June 2019,  the profit attributable to equity shareholders rose 27.7% year-on-year from RMB 1.944.8 billion to RMB 2.4827 billion. Revenue amounted to RMB 14.8106 billion, an increase of 40.3% from a year earlier. Both net profit and revenue hit record highBasic earnings per share increased by 27.7% to RMB 92.50 cents.  Gross profit grew 45.0% year-on-year to RMB 8,302 million. Gross profit margin increased further 1.8% to a record high of 56.1%.  Return on average total shareholder's equity stood at 29.6%.  An interim dividend of HK31 cents (2018: HK50 cents) per ordinary share was issued. As of 30 June, 2019, the group operated ANTA 10,223 stores, (including ANTA KIDS standalone stores) in China. Number of FILA stores (including FILA KIDS standalone stores) in China, Hong Kong, Macao and Singapore reached 1,788; while number of Kolon Sport stores and Descente stores in China reached 173 and 115 respectively.

 

Risk:

 

Firstly, Anta ranks the second highest P/E  (ratio: 43) of major sportswear company, just next to Li Ning (ratio:77). Anta ranks the highest P/B (ratio: 11); nearly one-fold to three-fold when compared with other competitors. Secondly, other international brands competitors such as Nike & Adidas may occupy a faster pace of market share. Thirdly, higher-than-expected cost for material sourcing, production cost & network expansion may occur.  Lastly, short seller Muddy Waters Capital LLC released a report on July 2019 alleging that the Chinese sportswear company fraudulently boosted its operating margins; similarly from GMT research on Jun, 2018. More reports may be released in futures.

Technical Analysis:

 

The stock prices hit historic high of $79.9 on 8 November, 2019. The price has dropped by 11% to recent-low of $72.25.  It is suggested to buying at the price around $75.0. The target price for medium term is $82. Cut-loss price will be $72.0.

References

www.hkex.com.hk

www.etnet.com.hk

www.afe-solutions.com

 

I, Gary Tam, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

 

研究報告由輝立証券集團旗下於香港證監會持牌的輝立証券(香港)有限公司及/ 或輝立商品有限公司(“輝立”)所發報。本文所包含的資料均為輝立從相信為準確的來源搜集。輝立對有關報告所引致之任何損失或虧損概不負責。本報告所載的資料只供参考用途,並沒有法律約束力,亦不構成投資建議、邀約、購入、出售任何產品。
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