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<Research>CICC Cuts ANTA SPORTS (02020.HK) TP to $104.02; Industry Valuation Ebbs
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CICC’s report said that ANTA SPORTS (02020.HK) plans to repurchase EUR1 billion zero-coupon guaranteed CBs due 2025 and issue EUR1.5 billion zero-coupon guaranteed CBs due 2029 for purposes of bond repurchase, share repurchase, and general corporate use. Considering the volatile retail environment at terminals, the broker lowered its EPS forecasts on ANTA SPORTS for 2024 and 2025 by 5% and 3% to RMB4.54 and RMB4.79 respectively, and maintained an Outperform. Due to the drop in valuation of the industry, the target price was axed by 14% to HKD104.02. AAStocks Financial News |
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