CLSA: Maintains ANTA Sports (02020.HK) "Outperform" rating, target price HK$110, completion of acquisition of approximately 29% stake in Puma

Zhito Finance APP has learned that CLSA issued a research report maintaining ANTA Sports' (02020.HK) "Outperform" rating and target price of HKD 110, and listing it as a top pick. ANTA Sports announced on October 7 that it completed the acquisition of a 29.06% stake in Puma for EUR 1.51 billion, becoming its largest shareholder. The transaction valuation corresponds to an enterprise value-to-sales ratio of approximately 0.8 times based on 2027 forecasts, and a price-to-sales ratio of approximately 0.7 times for 2025. ANTA is expected to obtain two seats on Puma's supervisory board, namely chairman and vice chairman, but will not directly manage daily operations, nor will it fully control or consolidate Puma.