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10 Sep, 2020 (Thursday)

            
SUNEVISION(1686)
Analysis¡G
For the financial year ended 30 June 2020, the revenue from continuing operations of Sunevision Holdings (1686) increased 10% year on year to HK$1,714 million, driven mainly by a growth in business with existing customers and signing up new customers for the core data centre business. Underlying profit attributable to shareholders increased 6% to HK$709 million while EBITDA from continuing operations rose 18% to HK$1,186 million. Constructions of the two new projects, TWTL 428 in Tsuen Wan and TKOTL 131 in Tseung Kwan O, are targeted to be completed by phases starting in 2022. Upon completion, they will double the total GFA of the Group`s data centres in Hong Kong to approximately 2.8 million square feet, further reinforcing its market leading position. (I do not hold the above stock)
Strategy¡G
Buy-in Price: $5.70, Target Price: $6.50, Cut Loss Price: $5.30


TCL ELECTRONICS(1070)
Analysis¡G
TCL Electronics (1070.HK) is mainly engaged in the production and sale of color TV sets. As of June 2020, the company`s business turnover fell by 3.1% to 17.277 billion yuan, and the profit attributable to shareholders fell by 60.7% to 536 million yuan. The company through the acquisition of TCL Communication`s internal connected transactions and restructuring, is expected to complete the acquisition and delivery by the end of August. With the incorporation of TCL communication business, the new business strategy in the future can truly demonstrate the AI x IoT full-scenario smart life solution service capabilities. The acquisition was incorporated into the financial statements of TCL Electronics in September.
Strategy¡G
Buy-in Price: $5.60, Target Price: $6.20, Cut Loss Price: $5.30



ANTA SPORTS (2020.HK) - Shows the resilience of the leader under the epidemic

Investment Summary

Anta Sports, a leading domestic brand sportswear company, was established in 1991 in Jinjiang, Fujian. Its main business involves the design, development, manufacturing and marketing of sportswear. At the beginning of its establishment, the company was mainly a shoe OEM factory. Since 1999, it has changed from manufacturing to brand wholesale, launching its own clothing and sports accessories products. In FY19, the company's annual revenue reached RMB 33.9 billion, and grew at a CAGR of 18% over the past ten years, leading the industry in the industry. In the same year, it was also ranked 21st in Brand Finance's 񓠃 World's Most Valuable Apparel Brands" ranking and was selected as the "BrandZ™ 2019 Top 100 Most Valuable Chinese Brands" released by WPP and Kantar China, becoming the only one selected in the sporting goods industry. The brand ranks first in the "Apparel" category.

In 2016, the company put forward the strategic policy of `Single-Focus, Multi-Brand and Omni-Channel`, taking sports as the company's development focus, expanding the company's brand matrix, and comprehensively deploying street shops, shopping malls, department stores, and Outlet and e-commerce platforms. Through the synergy between multi-brand strategies, Anta can cover different needs in all aspects, from mass to high-end, from fashion to sports, from children to adults.

Build an Omni-channel sales network

With the policy of developing Omni-channels, the company continues to strengthen its retail management capabilities and sales network, and uses the characteristics of different stores to package the images of different brands to highlight brand differences. In addition, the company continues to optimize the membership system to provide members with a more personalized retail experience and strengthen customers` trust and loyalty to the brand. Continue to adjust the store structure, integrate smaller and less efficient stores, and continue to open larger and more attractive stores in superior locations to improve overall store efficiency.

Anta's main brand pilots DTC model

In the past 20 years, Anta's main brand business has been developed in the Chinese market under a wholesale distribution model. Under this model, distributors with a strong regional network and local resources can meet different local business cultures and consumer preferences in various regions, so that the Anta brand can achieve national coverage, thereby effectively promoting the Anta brand business. In recent years, market consumption habits have changed rapidly, and companies need to take a more proactive transformation and change to cope with the uncertainty of the external environment so as to achieve sustainable high-quality growth. In mid-2020, the company proposed to transform the business model of the Anta brand from a wholesale distribution model to a direct-to-consumer model (DTC), enabling the company to mobilize resources more flexibly in retail, channel, merchandise, finance, and human resources, and improve operational efficiency.

Valuation and Investment Recommendation

After FILA's successful experience, Desecente also began to record profits, confirming that the company can effectively carry out post-investment management and introduce brands into the Greater China region. The company's newly acquired Amer Sport has great potential in the Greater China region. Considering that the company's brands have huge growth potential and future revenue growth potential, we expect the company's FY20E/FY21E earnings per share to be RMB 1.76/3.05. The target price of HK$94.90 corresponds to the expected P/E of 48.53/28.00 times for 2020/2021 and a buy rating is given.

Company Profile

Anta Sports, a leading domestic brand sportswear company, was established in 1991 in Jinjiang, Fujian. Its main business involves the design, development, manufacturing and marketing of sportswear. At the beginning of its establishment, the company was mainly an shoe OEM factory. Since 1999, it has changed from manufacturing to brand wholesale, launching its own clothing and sports accessories products. In FY19, the company's annual revenue reached RMB 33.9 billion, and grew at a CAGR of 18% over the past ten years, leading the industry in the industry. In the same year, it was also ranked 21st in Brand Finance's 񓠃 World's Most Valuable Apparel Brands" ranking and was selected as the "BrandZ™ 2019 Top 100 Most Valuable Chinese Brands" released by WPP and Kantar China, becoming the only one selected in the sporting goods industry. The brand ranks first in the "Apparel" category.

Company development process

Initial stage: OEM processing started

In 1991, the company's predecessor, Anta (Fujian) Footwear, conducted OEM production for multinational companies in Jinjiang, and established Anta (Fujian) Footwear Co., Ltd. in 1994. The company expanded its production scale from hand-crafted workshops and entered large-scale industrial production stage.

Development stage: own brand product development

The company's business shifted from manufacturing to brand wholesale, launching clothing and sports accessories products, and gradually improving the brand's product matrix. At this stage, the company continued to establish its brand image through advertising and marketing, and signed a number of spokespersons across different sports sectors, such as table tennis world champion Kong Linghui, NBA star Kevin Maurice Garnett, tennis superstar Jelena Janković and others.

At the same time, the company began to operate in the form of franchise and expanded its channels. As of the end of 2012, the company's main brand had a total of 8,075 stores across China.

Transition stage:

Since 2012, the industry has entered a period of adjustment, and the sportswear industry has entered a hard time. The company has recorded negative revenue growth in FY12 and FY13. The company took the lead in switching industries. In 2013, it implemented a comprehensive retail-oriented strategy, initiated retail reforms, and strengthened retail management, includes a series of measures such as streamlining the distribution structure, adjusting sales channels and establishing product differentiation. In 2014, Anta took the lead in going out of adjustments and its performance resumed growth. The company also surpassed Li Ning to become the local brand with the largest market share in China's sporting goods industry, second only to Nike and adidas.

Expansion stage:

In 2016, the company put forward the strategic policy of `Single-Focus, Multi-Brand and Omni-Channel`, taking sports as the company's development focus, expanding the company's brand matrix, and comprehensively deploying street shops, shopping malls, department stores, and Outlet and e-commerce platforms. Through the synergy between multi-brand strategies, Anta can cover different needs in all aspects, from mass to high-end, from fashion to sports, from children to adults.

Focus in sport

The company positions itself as a `multi-brand company focusing on sporting goods`, and its overall development strategy focuses on sports. Although it has different sub-brands, different product lines and different professional directions, Anta develops its unified brand image through sports. In the process of brand expansion, the company continues to focus on sports itself. Starting in 2019, the company has divided its business into three major brand business groups¡Xprofessional sports, fashion sports and outdoor sports.

Expand its product matrix through acquisition

In addition to its own brands, the company expands its brand matrix through acquisitions. The company completed its first brand acquisition in 2009, and obtained the distribution of FILA trademark products in China and retail business in China, Hong Kong and Macau from Belle International. In 2015, it successively acquired DESCENTE, Kolon and other brands. The company further acquired Amer Sport in 2019.

Anta main brand target mass market

Anta's main brand mainly targets the mass market, with products that take into account sports performance and price, covering different sports fields, such as running, basketball and football. Since the establishment of the brand in 1994, the positioning has been clear, and the price of the main brand basketball shoes is mainly between 300-800, and the price of the main brand basketball shoes is mainly between 300-800. Klay Thompson's newly launched KT5 series is priced at RMB 649-999, which is about 10% higher than the KT4 series. The newly launched Star Series uses Chinese style and Anta's technology to launch Xingyue basketball shoes, Xingluan running shoes and Xinglan running shoes, priced at RMB 999, RMB 899 and RMB 599 respectively.

Deploy resource to research and development

In terms of R&D expenses, the company has continuously invested resources in product R&D in the past few years. R&D expenses accounted for an average of 2-3% of the company's sales, and the capital invested was also higher than other domestic leaders.

In 2017, the company developed a new cushioning technology-A-FLASHFOAM, and applied it in wormhole running shoes and KT series basketball shoes since KT4. The emergence of FLASHFOAM technology has increased the evaluation of Anta sneakers. Consumers compare it with adidas` Bounce and Boost, and believe that it is between the two in terms of elasticity, and impact protection can be even more evenly matched with Boost.

Company is highest level of sponsor of 2022 Olympic Winter Games

In terms of brand promotion, the company uses brand sponsorship as the main promotion method. Since 2009, it has cooperated with the China Asian Games and the Olympic Games to sponsor athletes to increase brand exposure. In 2017, the company officially became the official sportswear partner of the Beijing 2022 The Olympic Winter Games and the Paralympics, the highest level of sponsorship.

FILA has a clear positioning under company management

After the company completed the acquisition of FILA's China business in 2009, it took 5 years to turn the brand from loss to profit. Since then, revenue has continued to increase. In FY19, revenue reached 14.77 billion yuan, accounting for the company's total revenue. 43.5%. FILA is positioned as a high-end sports fashion brand, targeting people between 25 and 45 years old. FILA subdivides two sub-brands, FILA FUSION and FILA KIDS, respectively, targeting young people aged 20-30 and children aged 3-14.

FILA FUSION takes the street fashion brand as its positioning and announced its launch in 2017. Based on the 1+N model, one core main line product + multiple cross-border product lines, respectively, cooperate with the international fashion brand AAPE by A Bathing Ape and the Korean brand D-ANTIDOTE to launch new products. In terms of spokespersons for FILA, Gao Yuanyuan, Huang Jingyu and Wu Jinyan act as the brand's high-end sports fashion positioning. FILA FUSION uses Kōki Kimura Mitsuki as its spokesperson, presenting the brand with a young, sunny, trendy and sporty style.

Build an Omni-channel sales network

With the policy of developing omni-channels, the company continues to strengthen its retail management capabilities and sales network, and uses the characteristics of different stores to package the images of different brands to highlight brand differences. In addition, the company continues to optimize the membership system to provide members with a more personalized retail experience and strengthen customers` trust and loyalty to the brand. Continue to adjust the store structure, integrate smaller and less efficient stores, and continue to open larger and more attractive stores in superior locations to improve overall store efficiency.

The company launched new ninth-generation stores in Shanghai and Chongqing in 2019. The company has fully upgraded its brand image, store image and consumer experience, and injected "digitalization", "rejuvenation" and "specialization" as new The core element of the first generation store. At the same time, Anta Children also launched 4.0 stores. The store is also equipped with Anta Children's 4.0 new physical test system, using science to choose the most suitable products for children.

As of June 30, 2020, Anta (including Anta Children's Independent Store) had a total of 10,197 stores in mainland China and overseas countries, a decrease of 319 stores from the end of last year. The number of FILA stores (including FILA KIDS and FILA FUSION standalone stores) in Mainland China, Hong Kong, Macau and Singapore totaled 1,930, a decrease of 21 compared to the end of last year, and the number of DESCENTE stores in Mainland China increased by 9 compared to the end of last year to 145. The number of KOLON SPORT stores in Mainland China and Hong Kong decreased by 30 to 155 from the end of last year. Except for Anta's main brand, which mainly focuses on street shops, the others are mainly operated in the form of shop-in-shop.

Anta's main brand pilots DTC model

In the past 20 years, Anta's main brand business has been developed in the Chinese market under a wholesale distribution model. Under this model, distributors with a strong regional network and local resources can meet different local business cultures and consumer preferences in various regions, so that the Anta brand can achieve national coverage, thereby effectively promoting the Anta brand business. In recent years, market consumption habits have changed rapidly, and companies need to take a more proactive transformation and change to cope with the uncertainty of the external environment so as to achieve sustainable high-quality growth. In mid-2020, the company proposed to transform the business model of the Anta brand from a wholesale distribution model to a direct-to-consumer model (DTC), enabling the company to mobilize resources more flexibly in retail, channel, merchandise, finance, and human resources, and improve operational efficiency.

In the first phase of the plan, the company will develop a mixed operation model (direct-operated Anta brand stores and franchisees) in 11 regions of China, including Changchun, Changsha, Chengdu, Chongqing, Guangdong, Kunming, Nanjing, Shanghai, Wuhan, Xi`an and Zhejiang Operating Anta brand stores) and terminated cooperation with distributors in these regions. When selecting relevant regions, a number of factors are considered, including its contribution to the Anta brand business, the past and recent performance of Anta brand stores in these regions, the strategic value of individual markets, the long-term plans of the Group, and negotiations with relevant distributors.

There are approximately 3,500 Anta brand stores involved, accounting for approximately 35% of the total Anta brand stores in China on June 30, 2020. The work related to the termination will take approximately 6 to 9 months to complete in batches. About 60% of the stores will be directly operated by the company, and 40% will be operated by franchisees in accordance with Anta brand operating standards. All current distribution agreements with these distributors will be terminated, and these distributors will terminate all franchise agreements with their franchisees, and the Group will enter into new franchise agreements with the franchisees.

FILA's experience in DTC model

Since 2011, FILA in China took 3 years to take back most of its stores from dealers and changed them to direct management. At present, nearly 80% of FILA stores are directly operated by the company. The direct management reform has flattened FILA's management and made management more flexible from headquarters to retail. The branch teams across the country directly report their business plans and results to the headquarters, and the headquarters also directly determines the level of support based on the completion of each team's performance indicators.

The direct-sales model helps the brand to have more effective control over the image of the terminal and retail management. FILA stores are concentrated in the first- and second-tier core business districts. The store decoration design and product display layout enable FILA to abandon the rigid style of general sports product stores, and to reflect the sense of fashion more. The store image is upgraded every two years on average, and will be in the country in the future. Key core shopping malls to expand a multi-store or large-scale integrated flagship store (1000-1500 square meters).

Effectively expand online sales

In terms of e-commerce, in addition to the full coverage of mainstream e-commerce channels such as Tmall, JD.com, and Vipshop, Anta has also established its own official e-commerce channel and has formed a coverage of more than 250 million people through the company's big data system. In the early stage of the epidemic, the company promoted online sales and e-commerce through marketing models such as "all-employee retail" and "live broadcast + e-commerce", using customer traffic through social channels.

In many e-commerce shopping festival activities this year, Anta has achieved good results and set new records. In the 618 shopping festival, according to Anta Group's e-commerce data, the total transaction volume of the event was RMB 1.43 billion, YoY increase of 78%. Official information from the Tmall backend shows that in terms of total sales of shoes and apparel, Anta ranks third in the sports category and first among domestic brands; FILA ranks fifth in the sports category; Anta children ranks the mother The baby category is fourth, FILA KIDS ranks ninth; in addition, Amer Sports Group's Archaeopteryx, SALOMON and other brands have entered the current top 12 outdoor category.

Industry analysis

The sportswear industry is steadily improving

In the past ten years, the global sports shoe market has steadily expanded, and the concept of national sports has driven the growth of global sports consumption. According to a report by China Forward Industry Research Institute (¤¤°ê«eÁx²£·~¬ã¨s°|), the global sports shoe industry market size has risen from US$66.7 billion in 2010 to US$146.5 billion in 2018, growing at a CAGR of 10.3%, and it is estimated that the market is close to the level of 170 billion US dollars in 2019. Affected by the COVID-19, this year, the sports shoe market is expected to decline in 2020. With the continuous recovery of the world economy, emerging markets with huge consumption potential such as India and China will drive the global economy. The institute also predicts that the global sports shoe market will maintain a medium-speed and steady growth, and is expected to reach a scale of US$379.1 billion in 2025, with a compound annual growth rate of about 18.7%.

According to Frost & Sullivan's report, in terms of total retail sales (including value-added tax) in 2018, China has become the second largest sports footwear retail market after the United States. The total retail sales (including value-added tax) of China's sports shoes and apparel retail market increased from RMB 145.5 billion in 2014 to RMB 235.7 billion in 2018. At the same time, China's per capita annual consumption expenditure on sports shoes and apparel products also increased from RMB 106.3 in 2014 to RMB 168.7 in 2018, representing a compound annual growth rate of 12.2%. It is estimated that by 2023, total retail sales (including value-added tax) and per capita annual consumption expenditure will reach RMB 392.3 billion and 274.1 respectively. Nevertheless, China's consumption expenditure on sports shoes and clothing is lagging behind other major developed economies. According to Frost & Sullivan's data, in 2018, China's per capita annual consumption of sports shoes and clothing accounted for all types of shoes and clothing. The per capita annual consumption is only 12.5%, while the United Kingdom, the United States and Japan are 27.7%, 31.8% and 24.3% respectively. At this stage, there is still great potential for growth.

Company competitive advantage

The company has acquired a large European sports brand in recent years

The company takes a firm lead in the domestic retail industry

A consortium led by Anta Sports (2020) acquired Finnish sports brand Amer Sports at the end of 2018. The purchase price is 40 euros per share, which is a 39% premium to the closing price of Amer Sports shares on the Nasdaq Helsinki Stock Exchange, involving approximately 4.6 billion euros (about 40.86 billion Hong Kong dollars). The consortium's acquisition of all shares in Amer Group is the largest merger and acquisition in the history of China's apparel industry.

At the end of last year, Anta indirectly sold approximately 5.0012% equity in Amer Sports to Super Grand, Blossom Fortune, Sequoia SPV and ZWC for a total cash consideration of approximately 133 million Euros, and indirectly sold approximately 0.2505% equity in Amer Sports to FountainVest SPV. At present, Amer Sports is owned 52.70% by Anta, FountainVest SPV and Tencent (700) hold 16.02% and 5.63% respectively, Anllian holds 5.00%, and Chip Wilson, founder of Canadian yoga apparel brand Lululemon, owns 20.65%. .

Amer Sports is an internationally renowned sporting goods company founded in 1950. Amer's brands include luxury outdoor equipment brand Arc`teryx (Archaeopteryx), French mountain outdoor cross-country brand Salomon (Salomon), Austrian snowboard brand Atomic Skis, Finnish sports watch brands Suunto, Wilson, Precor, etc., covering tennis, Special equipment for badminton, golf, alpine skiing, skateboarding, trail running, diving, etc.

Cooperate with the promotion of the Winter Olympics

Amer Sports` brands are mostly high-end outdoor sports products, with professional images but a narrow market. From a commercial point of view, the niche target customer group has not brought considerable revenue to the company. In addition, when Anta acquired Amer Sports, Amer Sports` operating status was not ideal, its performance recorded a regression, and the company also had a lot of debt. But at the end of 2017, Anta became the official sports product partner of the 2022 Beijing Winter Olympics. This means that the company needs to provide snow sports/ice sports equipment support to the national team for many years. It is expected that in 2022, Anta will receive large orders for outdoor sports products. In the field of outdoor sports, on the one hand, industry leaders such as Nike and adidas pay less attention. On the other hand, Anta has acquired Amer Sports by acquiring the opportunity of cooperation with the Winter Olympics to win an entire top brand management group, which can improve its own Product quality will help the company develop the outdoor sports market in the next few years in China.

During the epidemic, the company actively expanded online channels

After the outbreak, almost all brands have shifted the battlefield to online, so the quality and good continuity of content are the key factors to maintain user stickiness. Throughout February, Anta posted more than 30 public welfare and service content on Weibo, ranking first among domestic sports brands, and about 10 more than Xtep, which ranked second. Although Li Ning, 361¢X, Peak and other brands` official microblogs also released related content, the update frequency was relatively low, with a total of about 10. Most of the fitness teaching videos launched by Anta's contracted athletes are updated daily to maintain a high level of brand activity.

During the epidemic, Anta's official WeChat official account will embed a link in daily tweets. When reading the content of the WeChat official account, users can directly click on the link to enter the mini program Anta Mall. Orders include the same models and new products of the spokesperson. According to the official information provided by Anta, Anta's WeChat public account has attracted 21,000 UVs to the WeChat mall, an increase of 61% year-on-year. Among them, a single article brought a 20% increase in daily traffic in the mall.

Financial Analysis

Revenue analysis

In the past 5 years, the company's total revenue has increased year-on-year, with a CAGR of 32.1%, from RMB 11.13 billion in 2015 to RMB 33.93 billion in 2019. This was mainly due to the rapid expansion of the market share of its FILA brand. In fiscal year 2019, revenue reached RMB 14.77 billion, an increase of nearly 73.9% over the same period in 2018. On the other hand, Anta's main brand revenue increased from RMB 14.33 billion in fiscal year 2018 to RMB 17.45 billion in fiscal year 2019, an increase of approximately 21.8%. The company's other brands also recorded a year-on-year growth of 33.2% in fiscal 2019.

At the beginning of 2020, the COVID-19 broke out in mainland China. Many merchants closed business in the Q1 of this year at the request of the government. The market is expected to have a greater impact on Anta. In Anta's 2020 1H20 results, the company's total revenue in the 1H fell 1% from the same period last year to RMB 14.67 billion. Among them, the main brand dropped by 10.7% from the same period last year, while FILA and other brands recorded high single-digit growth, which was better than market expectations. Mainland China's economy has begun to recover, and the main brands are expected to recover from the negative growth in the first half of the year. Total revenue is about the same as the same period last year. FILA and other brands are expected to record high double-digit growth throughout the year. In the long-term, the company's main brand image has been enhanced, and the company's technological research and development has also allowed its products to gain market recognition. It is expected that the company will maintain a 20% year-on-year increase in the future. The FILA has grown rapidly in the Mainland in the past few years, and the growth rate is expected to slow down.The company's other brands such as Descente and Amer are expected to accelerate their expansion after the 2022 Winter Olympics.

Profitability

The company's GPM has continued to improve in the past five years, mainly due to an improvement in its revenue structure. An increase of 8.4 percentage points from 46.6% in 2015 to approximately 55.0% in FY19. Among them, the GPM of the main brand business was about 42%, while the GPM of the FILA brand exceeded 70% on average. The GPM of other brands is about 60%. Affected by the COVID-19, the company's GPM in Anta and FILA fell by about 1% in the 1H, but the GPM of other brands increased by 5.4%. As FILA's proportion of the company's total revenue increased, the company's 1H20 overall GPM still increased by 0.7 percentage point from last year to 56.8%. As the company decided to switch its main brand to DTC mode operation on a trial basis in some regions this year, which involved approximately RMB 1.7 billion of inventory repurchase, the company's inventory turnover days in the first half of the year rose from 48 days to 135 days. In the second half of the year, the main brand's inventory The pressure has increased. It is expected that the GPM in the second half of the year will be affected by discount promotions. It is expected that the GPM of the segment for the whole year will be 38%, and the overall GPM will also be slightly lower than last year.

Expenses for the period

The company's sales expenses are at an average of 21% compared to before 2018. Since 2018, the company's increased sponsorship of the Chinese Olympic Committee has increased the company's sales expense ratio to 27.1%. The current selling expenses are also comparable to the industry level and are expected to remain at 29% in the future. The performance discount of administrative expenses over the past three years has improved, mainly due to the large increase in income in 2019, which reduced the administrative expenses ratio from an average of 5.0% to 3.9% in 2019. Affected by the epidemic, the proportion of administrative expenses has increased due to the decrease in income, and it is expected to be about 4% in the future.

Company valuation

In the past, the company developed a multi-brand strategy through the acquisition of different brands. After FILA's successful experience, Desecente also began to record profits, confirming that the company can effectively carry out post-investment management and introduce brands into the Greater China region. The company's newly acquired Amer Sport still has great potential in the Greater China region. The cooperative relationship between the branch company and the 2022 Winter Olympics is expected to be able to take advantage of the Winter Olympics and seize the domestic outdoor sports market within 5 years. The results for the first half of the year also reflect the company's resilience and ability to respond to the market. It is expected that the company can respond quickly after the epidemic. Companies Anta Sports, Li Ning and Baosheng International, which also focus on functional apparel in Hong Kong stocks, have an average valuation of 31.03x earnings.

Considering that the company's brands have huge growth potential and future revenue growth potential, we expect the company's FY20E/FY21E earnings per share to be RMB 1.76/3.05. The target price of HK$94.9 corresponds to the expected P/E of 48.53/28.00 times for 2020/2021 and a buy rating is given.

(Closing Price as at 8 September)

Risk

1) The impact of COVID-19 continues

2) The conflict between US and China

Financials

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Recommendation on 10-9-2020
RecommendationBuy
Price on Recommendation Date$ 75.100
Suggested purchase priceN/A
Target Price$ 94.900
Writer Info
Timothy Chong
(Research Analyst)
Tel: (+ 852 22776515)
Email:
timothychong@phillip.com.hk

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