ANTA Sports Products Ltd

02020: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 996.00	Vmdskz	Tntkxgpw

Anta: Investor Day Offered Upbeat Medium-Term Guidance; Shares Undervalued

Ivan Su

Oct 18, 2023

We maintain our HKD 141 fair value estimate for narrow-moat-rated Anta after its 2023 investor day reinforced our positive long-term thesis. Anta offered upbeat financial targets for the next three years, including midteens annual revenue growth which is slightly ahead of our forecasts. The firm expects its Fila business to grow at double digits annually, which we are skeptical about, but the focus on expanding the brand's addressable market is positive.

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