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.HK)

2018年8月17日 星期五 觀看次數4451

Business Summary:

The principal activities of the group deals with the design & manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories in mainland China. Sport wears cover on purpose for sport actvities such as running, training, basketball, outdoor, football, tennis and life style. The group employs ANTA sportswear series to provide professional sporting goods to the mass market.

In recent years, the company has started moving full steam ahead with the strategy of “Single-focus, Multi-brand, and Omni-channel” to deepen our footprint in the sportswear market. The group embraces a vibrant brand portfolio, including ANTA, ANTA KIDS, FILA, FILA KIDS, DESCENTE, SPRANDI, KOLON SPORT and NBA. Currently, ANTA sports is China's biggest sportswear retailer by market value.

On Mar 21, 2017, the group performed placing of existing shares & top-up subscription of new shares at approximately $21.64. The money was used firstly to finance business opportunities such as acquisition of, and cooperation with, international sportswear brands; and secondly as general working capital of the group.

 

Business Summary and Prospect:

For the six months ended 30 June 2018,  the net profit rose 34% year-on-year to RMB1.94 billion. Revenue amounted to RMB10.55 billion, an increase of 44.1% from a year earlier. Both net profit and revenue hit record high. Basic earnings per share increased by 29.4% to RMB72.44 cents.  Gross profit grew 54.6% year-on-year to RMB5,726 million. Gross profit margin increased 3.7% to a record high of 54.3%.  An interim dividend of HK50 cents (2017: HK41 cents) per ordinary share will be issued. In terms of the volume, the group has sold 32 million pairs of shoes and 56 million of apparel during the period. Shareholder equity per share increased 9% to RMB 538.4 million; faciliating for acquisition of high-end international brands in coming futures.

 

As of 30 June, 2018, the group operated ANTA 9,650 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 1,248. Number of Descente stores in China reached 85.

 

Risk:

Firstly, Anta ranks the second highest P/E of major sportswear company, just next to Li Ning. Anta ranks the highest P/B.; 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. Further, there may be occasions for poorer than expected sales performance of new international brands after acquisition. Lastly, GMT research doubted about the financial figures of some Chinese sportswear companies on 13 Jun, 2018. More reports may be released in futures.

Technical Analysis:

The stock prices hit historic high of $49.3 on 13 June, 2018. Recently, the price has dropped about 27% from the peak to the recent low of $36.1. It is suggested to buying at the price around $38.5. The target price for medium term is $43.5. Cut-loss price will be $36.0.

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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