Um, speaking of sector impacts, BFA out with a note today looking at the impact of retailers of tariffs on Vietnam. While the levies announced last week put pressure on profits, analysts say the announcement provides some certainty ahead of the holiday order season. Joining us all here on set is the analyst behind the note, Lorine Hutchinson.Lorine, great to have you with us. Hi, thanks for having me. Thanks for coming down the block.Welcome you. It's humid outside, so it's it's a trek. Um, in terms of, you ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports Products with a target price of HK$117, based on a 21x 2027E PE discounted back to 2025E, implying a 26% upside from the current price [2][30][22]. Core Insights - Anta Group's performance in June was mixed, with solid group-level topline growth driven by smaller brands and Fila, while the core Anta brand missed expectations. The projected retail sales growth for Anta is expected to decelerate to low single digits (LSD%) year-over-year in 2Q25, while Fila is anticipated to achieve high single digits (HSD%) growth [1][2][21]. - For 1H25, the report projects a 13% year-over-year increase in group sales to RMB 38.2 billion, with smaller brands and Fila performing ahead of the full-year guidance, despite a weaker core performance from Anta [1][3][21]. - The report anticipates a reported net profit of RMB 6.85 billion for Anta Group in 1H25, reflecting an 11% year-over-year decline, but a 12% increase in recurring net profit when excluding non-cash gains from the Amer listing [20][21]. Summary by Sections Sales and Growth Projections - Anta Group is expected to achieve a 13% year-over-year sales growth in 1H25, with specific brand growth rates projected as follows: Anta at 5.5%, Fila at 8.4%, Descente at 44%, and other brands at 69% [3][24][27]. - The gross profit margin (GPM) is projected to contract for Anta and Fila by -0.6 percentage points and -3.7 percentage points year-over-year, respectively, while GPM for smaller brands is expected to remain largely flat [3][20]. Financial Forecasts - The net income forecast for 2025-2027 remains broadly unchanged, reflecting a better outlook for Fila and smaller brands, despite a lower gross profit margin [2][22]. - The report includes detailed financial projections for revenue, EBITDA, and EPS for the years 2025 to 2027, with total revenue expected to reach RMB 80.4 billion in 2025, RMB 89.2 billion in 2026, and RMB 97.8 billion in 2027 [7][29]. Operational Metrics - The report highlights operational metrics such as operating profit margin (OPM) for Anta at 18% and for Fila at 23% in 1H25, with expectations of margin contraction due to lower gross profit margins [20][24]. - The anticipated operating expenses for 1H25 are projected to grow by 13.3%, while operating income is expected to grow by 7.5% [24][27].

Market Overview - The stock market experienced a significant week with major events including the signing of a historic tax cut bill on July 4th and the release of monthly and weekly jobs reports [1][2] - Major indexes closed at weekly highs, reaching levels not seen since late February, with the Dow up 17%, S&P 500 up 20%, Russell 2000 up 21%, and Nasdaq up 27% from April 9th lows [2][4] Trade Policies - The deadline for U.S. trading partners to negotiate new trade policies has been extended from July 9th to August 1st, raising concerns about potential tariffs if no agreement is reached [2][3] - The situation indicates a potentially contentious trade issue, with significant tariffs set to go into effect if negotiations fail [3] Economic Indicators - The Federal Open Market Committee (FOMC) has maintained interest rates at 4.25-4.50% throughout 2025, with no major economic reports expected this week [6] - Upcoming economic reports include the Consumer Price Index (CPI), Producer Price Index (PPI), and monthly Retail Sales figures, which are anticipated to provide insights into economic conditions [7] Earnings Reports - Delta Air Lines is set to report Q2 earnings, marking the unofficial start of the Q2 earnings season, with major banks like JPMorgan, Citigroup, and Wells Fargo reporting the following week [8]

Core Insights - Gildan Activewear Inc. has been recognized on Canada's Best 50 Corporate Citizens list for the fourth consecutive year, being one of only two companies in the Textiles and Clothing Manufacturing sector to achieve this honor [1] - The company is also featured on TIME's World's Most Sustainable Companies list, marking its presence as one of 13 Canadian companies and one of only two in the "Apparel, Footwear & Sporting Goods" subcategory [1] Group 1: Recognition and Awards - Gildan's inclusion in Canada's Best 50 Corporate Citizens is based on a dataset of companies with over $1 billion in annual revenues, evaluated on 25 key performance indicators (KPIs) related to sustainability and corporate responsibility [2] - TIME's World's Most Sustainable Companies list identifies the top 500 companies from a pool of 5,000, assessed across more than 20 key indicators, including sustainability ratings and commitments from reputable organizations [3] Group 2: Company Overview - Gildan is a leading manufacturer of everyday basic apparel, offering products such as activewear, underwear, and socks, marketed under various brands including Gildan®, American Apparel®, and Champion® [4] - The company operates large-scale, vertically integrated manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh, with a strong commitment to labor, environmental, and governance practices [5]

Core Insights - Gildan Activewear Inc. has been recognized on Canada's Best 50 Corporate Citizens list for the fourth consecutive year, being one of only two companies in the Textiles and Clothing Manufacturing sector to achieve this honor [1] - The company is also featured on TIME's World's Most Sustainable Companies list, marking its presence as one of 13 Canadian companies and one of only two in the "Apparel, Footwear & Sporting Goods" subcategory [1] Group 1: Recognition and Achievements - Gildan's inclusion in Canada's Best 50 Corporate Citizens is based on a dataset of companies with over $1 billion in annual revenues, evaluated on 25 key performance indicators (KPIs) related to sustainability and corporate responsibility [2] - TIME's World's Most Sustainable Companies list identifies the top 500 companies from a pool of 5,000, assessed across more than 20 key indicators, including sustainability ratings and commitments from reputable organizations [3] Group 2: Company Overview - Gildan is a leading manufacturer of everyday basic apparel, offering products such as activewear, underwear, and socks, marketed under various brands including Gildan®, American Apparel®, and Champion® [4] - The company operates large-scale, vertically integrated manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh, with a strong commitment to labor, environmental, and governance practices [5]

Group 1 - The trading history of Canada Goose Holdings Inc. (NYSE: GOOS) since its IPO in 2017 shows a significant decline from all-time highs of approximately $70 set in 2018 [1] - The stock has experienced a dismal performance since reaching its peak, indicating potential challenges for the company [1] Group 2 - The article does not provide specific financial metrics or future projections for Canada Goose Holdings Inc. [1]

Group 1 - The article highlights the importance of tariff negotiations and their potential impact on various industries, particularly in the context of ongoing trade discussions [1] - Delta Airlines is expected to report its earnings this week, which will provide insights into the airline industry's recovery and operational performance post-pandemic [1] - Levi's is also set to release its financial results, which will be closely monitored for trends in consumer spending and the apparel sector's resilience [1] Group 2 - The Federal Reserve's minutes are anticipated to shed light on monetary policy direction, influencing market sentiment and investment strategies across sectors [1] - The overall market is poised for volatility as these key events unfold, with investors keenly observing the implications for economic growth and sector performance [1]

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By signing Cooper Flagg, Shohei Ohtani, Coco Gauff and other young superstars, the 119-year-old sneaker and apparel brand is on a mission to redefine its place in the sports hierarchy.Read more: https://t.co/EOJjszjTW8 https://t.co/1DmDRekuXM ...

By signing Cooper Flagg, Shohei Ohtani, Coco Gauff and other young superstars, the 119-year-old sneaker and apparel brand is on a mission to redefine its place in the sports hierarchy.Read more: https://t.co/EOJjszjTW8 https://t.co/zHlArmBNPF ...