Anta sales to benefit from Olympic sponsorship
■ Anta expects its 1H21F operating profit to grow by more than 55% yoy, driven by topline growth of more than 50% yoy, less retail discounts and faster-than-expected expansion of FILA in 1H21F.
■ We reiterate Add with a new DCF-based TP of HK$215.2.
■ We believe the Olympic Games in Jul will stimulate national pride and the public’s enthusiasm for sports, which should support strong sales of Chinese sportswear brands.