China Securities buy 21.7 yuan Anta Sports Watch www.cpew.cn

China Securities: buy 21.7 yuan Anta Sports Watch HOT column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client Sina App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference Hong Kong stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Since the bank in June 29th raised Anta sports (2020, $21.45) after the rating to buy, its share price rose by 43.2% over the same period outperformed the Hang Seng Index of the performance of the Hang Seng Index of 21.4%. The bank believes that the company’s share price performance is excellent because of its strong interim results, as well as the Olympic Games in the market for sports related stocks investment sentiment. However, we believe that the current stock price may have exceeded the basic factors of the company. According to the company’s announcement, Anta in the first quarter of 2017, the amount of orders will be recorded in the annual increase in the number of units. Compared to the third quarter of 2016, the high single digit growth in orders and the low order double-digit growth in the second quarter of 2016 will be the order of the fourth. Obviously, this data reflects the company’s revenue growth in 2017 is likely to slow down. As a review, the company announced strong interim report for the first half of 2016. As the market demand for Anta products continues to increase, the company’s revenue grew 20.2% to 6 billion 140 million yuan. Thanks to the successful implementation of multi brand strategy, the company’s gross profit margin rose from 46.6% in the first half of 2015 to the first half of 2016 of 47.9%. Net profit rose 17% to RMB 1 billion 130 million yuan. Earnings per share rose 16.8%. The dividend per share rose 13.3% to 0.34 yuan, representing 65% payout ratio. Net profit margin fell from 18.9% to 18.4%, but still far above the industry average. Average return on equity increased from 24.6% to $26%. Net cash level rose to 5 billion 880 million yuan in 2016, up to 30 yuan, equivalent to $2.35 per share on the day of 06. According to Bloomberg estimates, the company’s revenue is expected to rise to 13 billion 200 million yuan in 2016, reaching $15 billion 210 million in 2017, an increase of 19% and 15%, respectively. Earnings will grow 15% in the next two years, will rise to $2 billion 350 million in 2016, from 2017 to 2 billion 700 million yuan. The price is equivalent to 19.6 times 2016 earnings, while the average forecast earnings over the past 5 years, the rate for 13.6 times. Although the long term, the bank is still optimistic about the leadership of Anta sports industry and the prospects for the development of China’s sporting goods market, but now the company’s valuation is not attractive to short-term investors. Therefore, the bank downgraded to sell, based on 17.5 times 2016 earnings, 12 months target price of 19.1 yuan. Theory相关的主题文章: