Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  ANTA Sports Products Ltd    2020   KYG040111059

ANTA SPORTS PRODUCTS LTD (2020)
Mes dernières consult.
Most popular
  Report  
SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Chinese sportswear firms reject allegations of improper accounting

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/15/2018 | 09:37am CEST
The logo of Anta Sports is seen on its product during a news conference in Hong Kong

HONG KONG (Reuters) - ANTA Sports Products Ltd and three other Chinese sportswear firms have hit back at a research report that has questioned their accounting practices, saying the allegations were groundless.

ANTA shares have lost around 5 percent since a June 12 report by Hong Kong-based GMT Research, issued to its subscribers, said ANTA's operating margins were so high that it was either the world's best-run sportswear firm or its accounting practices were questionable.

A copy of the report was obtained by Reuters.

GMT, an Asia-focused accounting research firm, says on its website that its goal is to use financial statements to judge whether a company is overstating or understating its profits through the exploitation of accounting standards.

ANTA, China's biggest sportswear firm by market value, said the report contained certain factual errors, misleading statements and unfounded speculation that may lead to unusual moves in its stock.

"The board vigorously denies the speculations contained in the report and considers them to be inaccurate and misleading," Chairman Ding Shizhong said in a statement late on Thursday, adding the company reserved the right to take legal action.

Xtep International Holdings Ltd and 361 Degrees International Ltd, whose operating margins were also questioned, also issued statements saying the GMT report was incorrect and misleading.

"The board considers that the report contained certain factual errors, misleading statements and unfounded speculations," Xtep Chairman Ding Shui Po said.

"No accounting fraud has ever been committed."

Xtep shares have lost 2.5 percent since the report, while 361 Degrees has eased 1.2 percent.

GMT also questioned accounting practices at China Dongxiang (Group) Co Ltd. The company said in a statement that the report contained unfounded allegations regarding its financial performance, in particular regarding its inventory management and cash flow.

Dongxiang's stock has lost 1.3 percent since the report.

Analysts, however, do not expect the GMT report to pressure sportswear stocks in the longer term.

"Investors were digesting the news, but the impact was not as bad as expected, suggesting many investors still believe in the companies' earnings stories and profit margin," said Linus Yip, chief strategist at First Shanghai Securities.

(Reporting by Donny Kwok, Anne Marie Roantree and Jennifer Hughes; Editing by Edwina Gibbs and Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
361 DEGREES INTERNATIONAL LTD 1.30% 2.33 End-of-day quote.-14.02%
CHINA DONGXIANG (GROUP) CO LTD 0.00% 1.45 End-of-day quote.0.00%
XTEP INTERNATIONAL HOLDINGS LIMITED -0.37% 5.34 End-of-day quote.71.15%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ANTA SPORTS PRODUCTS LTD
01:53aANTA SPORTS PRODUCTS LTD : Pomerantz Law Firm Investigates Claims On Behalf of I..
AC
06/15Chinese sportswear firms reject allegations of improper accounting
RE
06/15ANTA, Xtep, 361 Degrees, China Dongxiang deny allegations
AQ
06/02ANTA SPORTS PRODUCTS : names Lai Shixian as CFO
AQ
05/15ANTA SPORTS PRODUCTS : opens new concept store with innovative mobile EPOS techn..
AQ
04/13ANTA SPORTS PRODUCTS LTD : Ex-dividend day for extraordinary dividend
FA
04/13ANTA SPORTS PRODUCTS LTD : Ex-dividend day for final dividend
FA
03/05China's sports industry eyes global market
AQ
03/05China's sports industry eyes global market
AQ
02/27ANTA SPORTS : Delivers Record High Revenue of RMB16.69 Billion and Profit Attrib..
PR
More news
News from SeekingAlpha
05/17ANTA : Long-Term Winner In China's Sportswear Market 
02/28Anta Sports Products Ltd. ADR 2017 Q4 - Results - Earnings Call Slides 
02/27Anta Sports Products reports FY results 
2017China In Focus 
2017ANTA SPORTS : Leading Chinese Sportswear Company Capitalizing On Consumer's Shif.. 
STOCK PICK
A Golden Deal
Financials ( CNY)
Sales 2018 20 893 M
EBIT 2018 4 847 M
Net income 2018 3 730 M
Finance 2018 9 823 M
Yield 2018 2,71%
P/E ratio 2018 26,55
P/E ratio 2019 21,94
EV / Sales 2018 4,31x
EV / Sales 2019 3,57x
Capitalization 99 966 M
Chart ANTA SPORTS PRODUCTS LTD
Duration : Period :
ANTA Sports Products Ltd Technical Analysis Chart | 2020 | KYG040111059 | 4-Traders
Technical analysis trends ANTA SPORTS PRODUCTS LTD
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 36
Average target price 35,7  CNY
Spread / Average Target -4,0%
EPS Revisions
Managers
NameTitle
Shi Zhong Ding Chairman & Chief Executive Officer
Shi Xian Lai CFO, COO, Director & VP
Hong Te Lue Independent Non-Executive Director
Shi Jia Ding Deputy Chairman
Wen Mo Wang Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ANTA SPORTS PRODUCTS LTD26.69%15 391
ADIDAS12.86%45 793
PUMA AG RUDOLF DASSLER SPORT33.20%8 532
YUE YUEN INDUSTRIAL (HOLDINGS) LTD-27.64%4 654
DECKERS OUTDOOR CORP51.54%3 826
POU CHEN CORPORATION--.--%3 454