ANTA Sports Products Ltd

02020: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$152.00	Hpgmc	Vznxxnffm

Sportswear Growth Returned After Lockdowns, but Pricing Pressure Remains; Anta Shares Undervalued

Ivan Su

Aug 24, 2022

There were no surprises in Anta's first-half 2022 results, because the company already gave early indications back in July. Based on management's near-term guidance, we lifted our revenue and net profit forecast for the full year to reflect a faster-than-expected pace of recovery and solid cost management. We maintain an HKD 159 fair value estimate for Anta as our long-term forecast remains intact. We view the firm's shares as undervalued, trading at 40% discount to our fair value estimate.

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