UBS: Raises ANTA SPORTS (02020) target price to HK$108.5, maintains "Buy" rating.

UBS released a research report stating that the market underestimates ANTA SPORTS' (02020) earnings resilience, raising its target price from HK$104.5 to HK$108.5 and maintaining a "Buy" rating. The bank believes that the company's multi-brand portfolio provides support, with each brand able to deliver incremental growth according to its stage in the cycle, making it more resilient than single-brand peers. ANTA's overseas expansion has not yet been fully reflected, including Amer Sports' (Amber) global business footprint, the internationalization of the ANTA main brand, and the potential additional synergies from Puma's global network. The bank added that ANTA is currently trading at 11x 2027 forecast price-to-earnings ratio. Considering the company's net profit compound annual growth rate of approximately 12% from 2026 to 2028 and a dividend yield of about 4%, it believes the shares are undervalued.