Goldman Sachs: Targets ANTA SPORTS (02020) at HK$117, "Buy" Rating.

Goldman Sachs released a research report stating that ANTA SPORTS (02020) has reiterated its full-year growth target, with ANTA's core brand achieving high single-digit growth and FILA achieving mid-single-digit growth year-on-year. The report also expressed higher confidence in the FILA brand and smaller brands. The bank has set a 12-month target price of HK$117 and a "buy" rating for ANTA. The report indicated that the bank believes the group's retail sales in 2025 are generally in line with expectations, with ANTA's core brand achieving low single-digit growth and FILA achieving mid-single-digit growth. DESCENTE's sales are expected to grow by more than 40%, while KOLON and MAIA ACTIVE's sales are expected to grow by 30%. The performance of FILA and smaller brands in the first half of 2025 is expected to be better than the full-year guidance. The bank stated that investors will be closely watching the sales growth of the ANTA brand in the coming months. However, from the group's perspective, the steady operation of the FILA brand/smaller brands should be able to offset the fluctuations of the ANTA brand. Furthermore, the management's positive outlook on the improvement of ANTA brand in the second half of 2025 after restructuring and profitability is more optimistic than market expectations.