Analyst Note| Ivan Su |
Narrow-moat Anta announced solid third-quarter retail sales numbers led by fast-expanding Descente. Overall, the group recorded an estimated 16% increase in third-quarter sales, marking an acceleration from the 7% rate booked in the previous quarter. While we are glad to see a continuation of the post-coronavirus recovery, the group's 16% retail sales growth still trails the pre-COVID-19 level of 30%. Anta's stocks are now trading in 3-star territory; we see limited upside in its share price.