ANTA Sports Products Ltd

02020: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$322.00	Nspzp	Clgwqhll

Anta Earnings: Management Maintains 2023 Outlook Despite Decelerating Sales Growth

Ivan Su

Jul 19, 2023

We maintain our fair value estimate on Anta following its report of in-line second-quarter sales. Management maintained its 2023 guidance and provided a timeline on the launch of Kyrie Irving's product lines following its recent signing of the NBA star. We view the cooperation with Irving as a part of the Lead to Win initiative announced at 2021 investor day, which we have already accounted for in our valuation model. We continue to view Anta's shares as undervalued, trading at a 40% discount to our fair value estimate of HKD 141.

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