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| HSCEI1 | 7,756.25 | +67.06 | 87.14B |
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2026-10-22 11:33:46 CLSA said in a report that ANTA SPORTS (02020.HK)'s core brand retail sales were soft in 3Q, but the start of 4Q was stronger than market expectations and should still support the share price. The broker maintained its Outperform rating and cut the TP from HKD110 to HKD106, reflecting lower sector valuations. The broker still regards ANTA SPORTS as its top pick due to medium-term market share gains supported by strong execution, a multi-brand portfolio and solid global expansion. The broker noted that retail sales of ANTA, FILA and other brands in 3Q fell by mid-single digits YoY, fell by low-single digits YoY and rose by 25% to 30% YoY, respectively. During the National Day Golden Week holiday, growth accelerated to high-single digits, low-double digits and more than 20%, respectively. Preliminary Singles' Day GMV was in line with internal budget expectations. DESCENTE, KOLON SPORT and MAIA ACTIVE recorded YoY growth of 15% to 20%, about 30% and more than 30%, respectively, in 3Q. Inventory levels remained healthy, with ANTA at about five months, FILA and DESCENTE at less than six months, and KOLON SPORT at less than five months. The broker maintained its forecast for 2026 sales growth of 11% YoY and adjusted net profit growth of 5% YoY. As the acquisition of a 29% stake in Puma has been completed, it estimated that about RMB250 million in losses will be recorded in 4Q, and therefore lowered its 2026 adjusted net profit forecast by 1%. (ha/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |