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Nomura restarts Anta Sports (02020) at HK$34.8
Nomura assumed coverage on Anta Sports Products (02020) at "neutral" rating
and a target price of HK$34.8.
  The research house said Anta has rallied 27% since 7 July. Looking ahead, Nomura 
expects: (1) growth may slowdown in 4Q 2017 with the calendar shift of the Chinese New 
Year (CNY) delaying promotions to 1Q 2018, and (2) Anta's recent acquisitions may
trigger restructuring costs in FY2018.
  Anta announced the acquisition of Kolon and KingKow on 20 October. Nomura expects both 
the acquisitions to have limited impact on its FY2018 P&L as both the companies still
incur marginal operating losses.

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