Citi: Maintains "Buy" rating on ANTA SPORTS (02020), target price HK$108.8, positive on the integration of Puma's China business.
Citi holds a positive view on ANTA's potential integration of Puma's China retail and distribution business following the completion of the transaction.
Citi released a research report maintaining a "Buy" rating on ANTA SPORTS (02020) with a target price of HK$108.8. ANTA has completed the acquisition of approximately 29% equity interest in Puma, about one month earlier than the bank had expected. The bank expects management to provide substantive details on the strategic blueprint for Puma's China business at the third-quarter retail sales conference call. The bank holds a positive view on ANTA's potential integration of Puma's China retail and distribution business following the completion of the transaction. The bank's sector preference order is ANTA SPORTS, LI NING (02331), and TOPSPORTS (06110).
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