2023: Results Beat On Margin; On Track To Fulfil Three-year Targets
Anta’s 2023 results beat expectations on operating margin expansion, with Fila demonstrating a strong performance. In 2024, management expects both the Anta brand and Fila to deliver 10-15% retail sales growth, on track to fulfil the company’s three-year targets. Operating margin will remain at a reasonable level, thanks to the healthy inventory level, new product launches, alleviated pressure from competitors and operating leverage. Maintain BUY and target price of HK$109.60.
