Anta Sports (2020.HK)：1H18 results beat driven by FILA，Buy，TP HK$ 45.70

机构：麦格理

评级：买入

目标价：45.70港元

Anta (2020 HK) reported 1H18 net profit up 34% YoY to Rmb1.9bn, 12% above our and consensus estimates. Revenue increased by 44% YoY to Rmb10.6bn, 11% ahead of our and consensus estimates, driven by strength in FILA and other new brands and apparel by product segment. Interim dividend per share declared was HK50c, up 22% YoY representing ~60% payout. 

Maintain Outperform and our earnings are under review. We will provide more details after analyst briefing.