ANTA Sports Products Ltd

02020: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$129.00	Yhcsp	Xsmbrvft

Anta Delivers Strong H2 Results; 2023 Should Be Even Stronger for Sportswear Giant

Ivan Su

Mar 21, 2023

Narrow-moat Anta Sports' second-half 2022 results were better than our and the consensus estimates. Operating profit came in at CNY 5.4 billion, beating Refinitiv's estimate by 15% and representing a year-over-year increase of 7%. With COVID-19-related challenges now in the rearview mirror, 2023 is set to be a strong recovery year for Anta. As we fine-tune our near-term forecasts, our fair value estimate of HKD 141 is unchanged. We view the shares as undervalued, trading at a 30% discount to our fair value estimate at the close of trading March 21.

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