Anta Sports (2020 HK): Buy: 1H26 results preview – resilient, on track

研报英文原文证据摘录

Anta Sports (2020 HK): Buy: 1H26 results preview – resilient, on track

tly raise our 2026e 52-WEEK PRICE (HKD)

revenue growth forecast to 10% (from 9%) y-o-y but trim our 2026e net profit forecast 110.00

by 1% to RMB14,015m, mainly reflecting lower net finance income. Over 2026-28e,

86.00

we forecast revenue and operating profit CAGR of 8% and 9%, respectively, broadly

unchanged. Our 2026e revenue, OP and net profit forecasts are 1%/5% above and 62.00

07/25 01/26 07/26

4% below consensus, respectively. Target price: 93.00

High: 104.40 Low: 67.55 Current: 76.75

Emerging growth drivers support medium-term re-rating: Near-term earnings growth Source: LSEG IBES, HSBC estimates

remains constrained by a soft retail environment. However, we continue to see medium-

term upside from overseas expansion and the incubation of emerging brands. As these Lina Yan*, CFA

Consumer Analyst, Hong Kong and mainland China

catalysts gradually materialise, we believe the stock could re-rate from its current 1 year The Hongkong and Shanghai Banking Corporation Limited

forward PE of 13.3x based on our estimates. Meanwhile, a 2026e dividend yield of 3.4% linayjyan@hsbc.com.hk +852 2822 4344

and 7% CAGR in net profit in 2026-28e should continue to support shareholder returns.

Yimin Wang*

Associate, China Consumer Research

Maintain Buy; lower target price to HKD93.00 (from HKD96.30): We lower our target The Hongkong and Shanghai Banking Corporation Limited

price by 3.4%, reflecting modest reductions to both our target PE and EPS forecasts. We yimin.wang@hsbc.com.hk

+852 5696 5573

reduce our target PE multiple to 15.3x (from 15.6x), equivalent to 0.5x (unchanged) s.d.

below the updated average 1-year forward PE since 2023, alongside a 1.2% cut to our 1-