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ANTA Sports Products Ltd 02020

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Morningstar’s Analysis

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Anta Delivered Solid Fourth-Quarter Growth Against Macroeconomic Headwinds; Shares Attractive

Ivan Su Senior Equity Analyst

Analyst Note

| Ivan Su |

Narrow-moat Anta delivered strong retail sales numbers for the fourth quarter of 2021. The group also announced preliminary full-year earnings coming above our estimate, suggesting that the company did not give away profitability to achieve growth. We continue to feel comfortable about the business's long-term position. There is a risk that sales growth will slow over the near term, but that scenario will most likely be caused by macroeconomic factors in China instead of the company's own mis-steps. We fine-tuned our near-term forecasts but maintained our fair value estimate for the firm at HKD 171. After the recent share price pullback, Anta's valuation multiple has returned to the prepandemic level, trading at just 25 times 2022 Pitchbook consensus earnings. We see this as a good opportunity to buy shares of this long-term winner in China's fast-growing sportswear market.

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Company Profile

Business Description

Anta Sports is the largest Chinese sportswear company, engaging in the design, manufacturing, and marketing of sportswear. Brands under Anta’s management include the Anta core brand, Fila, Descente, Sprandi, Kolon, and KingKow. As of the end of 2020, the company had 12,260 stores, of which 9,922 were Anta stores and 2,006 were Fila stores.

Anta Headquarters Building, Dongshan Industrial Zone, Chidian Town
Jinjiang, 362212, China, People's Republic of
T +86 59585929999
Sector Consumer Cyclical
Industry Leisure
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 47,000