全球-体育用品行业-全球体育用品行业洞察.docxVIP

Sporting goods5 September 2018 Sporting goods ??? EQUITIESGLOBAL SPORTING GOODSGlobalWe’re getting ready for another lap?While some catalysts have played out and FX is EQUITIES GLOBAL SPORTING GOODS Global We’re getting ready for another lap ?Short term, Nike (Buy, TP to USD92 from USD77) results late September could be supportive to industry views ?Buys also on adidas (TP to EUR255 from EUR240) and Puma (TP to EUR610 from EUR600); most implied upside on Puma A great sector that could still deliver We struggle to find much negative to say on sporting goods. Indeed, long-term growth drivers are unchanged and we stick to our positive assessment as described in our April thematic report “A good time to be on the field”. Some catalysts have played out, sales growth has impressed, the World Cup is behind us and FX has turned to be less supportive. Nevertheless, we expect the short-term news flow to still be supportive to the three top listed global industry players. Nike (Buy): a monster comeback, could be about to accelerate further We have been impressed by Nike’s growth re-boot and are confident that the current product cycle will imply continued growth in North America, market share gains in Europe and China, and higher sales and better margins than the current guidance. Sell side consensus looks low to us and we see upgrades ahead as well as a likely guidance hike. Stock isn’t particularly cheap but Q1 results on 25 September could be another catalyst. adidas (Buy): fear of sales slowdown overdone, margin expansion story intact The group is more than delivering on margin expansion commitments while an expected sales growth slowdown has not materialized. We have witnessed a shift from momentum- to value-driven investors and believe valuation metrics still look compelling here. Puma (Buy): still a stellar compounding story in our view Puma should continue to be quick and nimble with likely stellar growth in both US and China markets contributing to the continuous