@Sun Thanks for your input. Had both Li Ning and Anta on the radar, both strong numbers. Simply went with Anta for the larger company with the higher ROCE.
@Sun Do you have a chins past? Can you also tell me something about CSPC Pharma and Nongfu Spring? These are with Anta/ Li Ning the only three China companies that are interesting for me.
@Sun At Anta, I like the multi-brand strategy and the successful marketing of the last Winter Olympics has further driven the high-end division. With Fila, they have an international brand that performs better than its peers and with the domestic brands they are well diversified in different sports. Then the focus is strongly on e-commerce, which is also the right way to go. According to the last annual report, the statistics show that especially young Chinese tend more and more to domestic brands and that the Covid recovery in China lasts much longer is well known. I personally think that Anta can continue to gain market share against Nike/Adidas.
@Sun Absolutely. That's why I stay out of technology stocks in China. Consumer goods will always be needed and pharma as well :-) Due to the political situation, China will not take a large share in my portfolio for the time being, but the current valuations of cspc and anta are clearly undervalued in my opinion. Nongfu is also too expensive for me at the moment but maybe there will be an opportunity to enter at some point :-)
