＜Research＞CMBI Trims ANTA SPORTS (02020.HK) TP to $101.38, Rating Buy

　　CMB International released a research report on ANTA SPORTS (02020.HK) +0.050 (+0.072%) Short selling $192.81M; Ratio 19.912% , which tracked a roughly flattish overall retail sales growth in 2Q24, with the ANTA brand faring relatively strongly and FILA relatively weak. However, the broker was impressed by the resilient retail discounts.

　　Looking ahead to 2H24, the broker expected ANTA's sales growth to improve marginally, and was optimistic about ANTA's brand launch of new products, new store formats and brand building market. However, the broker was relatively cautious about the development of FILA, and continued to list ANTA SPORTS as the sector top pick, maintaining its rating of Buy.

　　In view of the consensus-missing sales growth, CMB International lowered its net profit forecasts for ANTA in 2024-26 by 0.3%/ 2%/ 2.3%, and slightly trimmed its TP from $101.73 to $101.38. It remained confident that the ANTA/ FILA OP margin to stay at 20%+/ 25%+ level.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-09 16:25.)