Narrow-moat Anta’s second half mildly exceeded our expectations, and management maintained its 2024 guidance, which falls roughly in line with our estimates. We fine-tune our near-term forecasts and maintain our HKD 141 per share fair value estimate. We continue to view Anta shares as undervalued.
Recent introduce of premium product lines under the core Anta brand can lead to more margin expansion for the group
The nature of Fila makes it subject to fashion misses, and it takes time to prove the brand can remain relevant in the years to come.
|
Metric
|
02020
|
ADDYY
|
NKE
|
|---|---|---|---|
Price/Earnings (Normalized) | 22.29 | 42.12 | 26.22 |
Price/Book Value | 4.49 | 8.63 | 10.05 |
Price/Sales | 3.74 | 1.88 | 2.82 |
Price/Cash Flow | 13.05 | 38.70 | 21.93 |
|
Metric
|
02020
|
ADDYY
|
NKE
|
|---|---|---|---|
Quick Ratio | 2.74 | 0.53 | 1.67 |
Current Ratio | 3.30 | 1.22 | 2.74 |
Interest Coverage | 26.44 | 1.16 | — |
|
Metric
|
02020
|
ADDYY
|
NKE
|
|---|---|---|---|
Return on Assets (Normalized) | 13.91% | 0.75% | 15.59% |
Return on Equity (Normalized) | 25.28% | 2.96% | 41.17% |
Return on Invested Capital (Normalized) | 15.43% | 2.15% | 21.67% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
OLCLF
| Oriental Land Co Ltd | — | Flg | $50.0 Bil | |
OLCLY
| Oriental Land Co Ltd ADR | — | Mvxqx | $49.0 Bil | |
ANPDF
| ANTA Sports Products Ltd | — | Yyktbd | $32.2 Bil | |
ANPDY
| ANTA Sports Products Ltd ADR | — | Fnfmsf | $32.2 Bil | |
CUKPF
| Carnival PLC | — | Lflhyqk | $17.2 Bil | |
CUK
| Carnival PLC ADR | Gznhpkfm | Mtyngxw | $17.1 Bil | |
SMNNY
| Shimano Inc ADR | — | Gyjt | $14.7 Bil | |
SHMDF
| Shimano Inc | — | Xkbqw | $14.7 Bil | |
HAS
| Hasbro Inc | Dcthksf | Vhqvgy | $9.0 Bil | |
MAT
| Mattel Inc | Jkyqjxvf | Krctpb | $6.3 Bil |
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