In Focus: CN: Consumer – Anta (2020) announced 4Q12 trade fair results yesterday after market closed. Orders growth in 4Q was down by low double digits as compared to same period last year, which was lower than our and market expectations. This would translate into a high single digits decline in full year order book, which was lower than our expectation. SSSG in the 1Q12 recorded a low single digit decline, which was also lower than our expectation. We believe market to react negatively. We expect overstocking issue will continue drag down the topline growth in near term. Earnings estimates are under review but we will maintain our SELL recommendation. (Samantha Kwong)