1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 12 to 14.Analyst Certification on page 8.Price Objective Basis/Risk on page 8.12872370 Anta Sports Lots of Qs on M&A;share-price correction post-results unjustified Reiterate Rating:BUY|PO:116.00 HKD|Price:93.30 HKD Reiterate Buy;post-results share corr

4、ection unjustified We host Antas management post result in Hong Kong this week.We summarize our key takeaways.We reiterate Buy on Anta.We think post-results share-price correction is not justified and offers attractive entry point for long-term compounding earnings growth.M&A:still look for opportun

5、ities,careful target evaluation A lot of incomings were around M&A.Anta has issued a clarification that it is not a potential party to the likely acquisition of Canda Goose.But,Anta stated that it will continue to explore further M&A opportunities,and focus on premium running,women and vertical spor

6、ts-related industries that can fill gaps of Anta group brand portfolio.Further,Anta prefers meaningful-sized deals(bigger than Jack Wolfskins acquisition price of USD290mn,but smaller than Amers EUR4.6bn)for a likely higher contribution to groups future growth,and international brands.Anta will care