报告名称：Anta Sports(02020.HK)Getting more aggressive in M&A
报告类型：港股研究
报告日期：2015-08-06
研究机构：麦格理
股票名称：安踏体育
股票代码：02020
页数：10
简介：Impact
Getting more aggressive in M&A for 2H15. Anta has set up a team to lookat potential M&A in apparel brands as they pursue a multi-brand strategy. Webelieve there may be more news flow in 2H15, which could serve as a shareprice catalyst. We believe the company will continue to invest in brand andproduct as we expect the company will launch further marketing campaigns inits basketball category, announce an Anta soccer category and promote newFILA products for kids, all concentrated in 2H15. We believe all thesecategories will be key growth drivers going forward. In terms of productdevelopment, R&D spending continued to accelerate as more emphasis isplaced on functional products, while maintaining its mass market price point.
FILA is flying high. We estimate the three businesses (FILA, Anta kids andE-commerce) combined accounted for ~29% of the companyˇs revenue asmanagement noted FILA and the kids segment maintained a high growthpace during the period. We expect the other business segment to occupy32% of group revenue for FY15, which implies there will be further upside interms of gross margin. Fila also achieved strong store productivity, up 50%YoY and is double that of Anta due to its high ASP. The retail discount forFILA is at 21-22%, driven by a healthy inventory mix and managementcommented that margin and profitability further improved.
Operating metrics all pointed to a healthy direction. The company seesgrowth momentum maintained for the 1QFY16 order book and 2Q15 SSSg,while the retail discount improved by around 2ppt YoY to 22-23% for 2Q15,which suggests distributor cashflow and profitability further improved as thecompany also saw AR days decline by 5 days YoY to 33 days in 1H15 whichis below the 1H12 level. Anta store productivity also improved ~13% YoY, assuggested by the high-single-digit SSSg despite the 3% decline in store count.
Earnings and target price revision
We lift earnings by 1-4% for FY15 and 16. Target price raised by 7%.
Price catalyst
12-month price target: HK$22.00 based on a PER methodology.
Catalyst: Marketing campaign, potential M&A, 2QFY15 SSSg
Action and recommendation
The company is trading at a 16x FY16E PER with a 4.7% dividend yield.

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