Yamato: Reiterates "Buy" rating on ANTA SPORTS (02020) with target price raised to HK$110.

Daiwa released a research report stating that it has raised the target price of ANTA SPORTS (02020) by 2%, from 108 Hong Kong dollars to 110 Hong Kong dollars; reiterated a "buy" rating, and is the preferred stock in the mainland consumer goods sector. The report stated that Anta's last quarter operating data was strong and better than expected, with FILA retail sales (RSV) showing a rapid recovery, which was a huge positive surprise. The company's core brand is expected to continue its overseas expansion this year. Management showed confidence in this year's outlook during an analyst conference call and expressed optimism about overseas expansion. Daiwa stated that based on encouraging sales trends, it has raised the company's earnings per share forecast for 2024 to 2025 by 1% to 2% and raised the company's target price. The forecasted P/E ratio remains at 20 times and the investment rating is reiterated.