Mediocre outlook, Trimmed TP to HK$4.25 Reduce: Too early to call for a sustainable recovery ANTA SPORTS(2020.HK):HOLD:1H16 DRIVEN BY MULTI-BRAND STRENGTH Strength coming from non-core operations; new TP of HKD23, Buy The right formula comes to fruition Buy: New product launches to stay ahead of the competition Likely stiffer margin pressure in 2H16 1H16 results beat on lower expenses,but outlook remains a challenge Solid 1H16 results; maintaining Buy 1H in line with guidance; seasonality points to a move up in stock ahead