Bank of America Securities: ANTA SPORTS (02020) second quarter retail sales meet expectations, reiterates "buy" rating.

Bank of America Securities released a research report stating that ANTA SPORTS (02020) second quarter retail sales met expectations, reiterating a "buy" rating with a target price of 102.5 Hong Kong dollars. The report indicates that in the second quarter, both ANTA and FILA brands saw low single-digit growth, while other brands increased by 25-30%. Although there was a slight slowdown compared to the first quarter, it aligns with the overall industry trend. The company is expected to achieve its full-year guidance. The bank roughly maintains its core net profit forecast. The bank believes that ANTA's current valuation offers an attractive risk-return profile, as ANTA is a stable compound growth company. Since 2014, except for the years affected by COVID, its revenue and profits have continued to grow. As a multi-brand operator, ANTA can mitigate individual brand growth cycles and consumer preference changes through market share improvement. The current price is only equivalent to a 13x price-to-earnings ratio in 2026, making it attractively valued, and it does not reflect its ownership of Amer Sports shares.