Citi Maintains ANTA SPORTS (02020) Target Price at HKD 116, Rating "Outperform"

Citi Research released a research report stating that it maintains a target price of 116 Hong Kong dollars for ANTA SPORTS (02020) and a "outperform" rating. Citi Research pointed out that ANTA is very confident in achieving double-digit sales growth for the full year of 2025, with signs of improvement in late August and September. Its strength is mainly supported by a multi-brand matrix, increasingly relying on brands and services, catering to the emerging niche sports such as outdoor activities, tennis, golf, and yoga. The company's cost control is also cautious. Overseas business will increasingly contribute to revenue, as ANTA plans to expand the number of stores in ASEAN countries to 1000 within three years, and over 200 by the first half of 2025. The management is using a multi-brand strategy to enhance operational superiority, and Citi Research remains optimistic about ANTA's strong execution.