Asia Essentials - 20 May 2026

Research evidence excerpt

Asia Essentials - 20 May 2026

Flashnote

19 May 2026

Consumer Durables & Apparel

Anta Sports Hong Kong

Macquarie Asia Conference 2026

Terence Linda

Chang Huang, CFA

What's new

• Anta Sports attended our Asia Conference and provided a business update 2020 HK Outperform

Price (at 18 May 2026) HK$75.80 on its recent operations. The company delivered a robust Q1, highlighted 12-month target HK$124.00

by high single-digit growth for the Anta brand and low double-digit growth 12-month TSR (%) 66.4

for Fila amidst a promotional environment. Management maintained its full- Volatility Index Medium

year 2026 target, with low single-digit retail sell-through growth for Anta Market Cap (Local) (m) 211,986

and mid-single-digit growth for Fila. Market Cap (USD) (m) 27,073

Free Float (%) 47

• With 2Q26 underway and the rest of 2026 to remain dynamic, the 30-day avg turnover (USD) (m) 91.7

company maintains a disciplined approach while focusing on high-quality

growth, rather than pursuing growth at all costs. Investment Fundamentals

Year end 31 Dec 2025A 2026E 2027E 2028E

Revenue (m) 80.2 87.5 96.3 106.5

Why it matters Revenue growth (%) 13.3 9.1 10.1 10.5

EBIT (m) 19.1 20.9 23.7 26.5

• Anta brand's Lighthouse store format drives offline expansion. Anta is EBIT growth (%) 15.0 9.3 13.8 11.8

Reported profit (m) 13.6 14.0 15.9 18.0

upgrading its mass-market channel by opening larger, premium "Lighthouse" Adjusted profit (m) 13.6 14.0 15.9 18.0

stores. Following 300 conversions last year, the company targets to reach EPS rep [CNY] 4.8 5.0 5.7 6.4

500 Lighthouse stores and 100 "Lighthouse Lite" formats this year to EPS rep growth (%) (12.7) 3.3 13.3 13.2

attract a wider consumer demographic. The company is also restructuring EPS adj [CNY] 4.8 5.0 5.7 6.4