Citi Adjusts TOPSPORTS TP to HKD3.8 with Buy Rating, Lowers FY27-28 Earnings Projections

Written by Emily J. Thompson, Senior Investment Analyst

02020+0.74%

02331+0.93%

06110-2.79%

Source: aastocks

Updated: Dec 15 2025

0mins

Source: aastocks

Citi's Forecast Adjustments: Citi has maintained its sales and net profit forecasts for TOPSPORTS for the fiscal year ending February 2026 but has reduced its FY27-28 net profit forecasts by 5% and 7% due to lower sales expectations.
Target Price Update: The target price for TOPSPORTS has been slightly increased from HKD3.75 to HKD3.80, with Citi maintaining a "Buy" rating for the stock.

02020

$81.75+Infinity%1D

Analyst Views on 02020

Wall Street analysts forecast 02020 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 02020 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

0 Analyst Rating

0 Buy

0 Hold

0 Sell

Current: 81.150

Low

Averages

High

Current: 81.150

Low

Averages

High

Jefferies

Hold

maintain

$95

Al Analysis

2026-01-09

Reason

Jefferies

Price Target

$95

Al Analysis

2026-01-09

maintain

Hold

Reason

Jefferies strongly opposed ANTA SPORTS' proposed acquisition of Puma's 29% stake, citing concerns that it would dilute management resources and shareholder returns. They believe that the acquisition may necessitate share placements or other large-scale financing activities, which could negatively impact shareholder value. Additionally, Jefferies noted that Puma is struggling to achieve profitability, which could further drag down ANTA SPORTS. As a result, they assigned a Hold rating with a target price of HKD95.

Citi

Buy

maintain

2025-12-15

Reason

Citi

Price Target

2025-12-15

maintain

Buy

Reason

The analyst rating for TOPSPORTS was maintained as "Buy" by Citi despite a reduction in net profit forecasts for FY27-28. This decision was based on the broker's unchanged sales and net profit forecasts for the fiscal year ending February 2026, along with a slight increase in the target price from HKD3.75 to HKD3.8. The adjustments in profit forecasts were attributed to expected sales forecast reductions, but the overall outlook for TOPSPORTS remains positive within the context of the Chinese sports apparel sector, where it ranks favorably compared to its peers.

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Citi

Buy

maintain

2025-12-15

Reason

Citi

Price Target

2025-12-15

maintain

Buy

Reason

The analyst rating for ANTA SPORTS was maintained as a Buy due to Citi's decision to roll over its valuation to a 2026E P/E from a 2025E P/E, which aligns with updated valuations for other China sportswear companies. Additionally, Citi raised ANTA's target price from HK$109.7 to HK$112.7 based on a targeted 20x P/E for 2026, indicating confidence in the company's future performance within the sector. The preference for ANTA, along with TOPSPORTS and LI NING, reflects a consistent positive outlook for China sportswear.

BOCI

Buy

downgrade

2025-10-30

Reason

BOCI

Price Target

2025-10-30

downgrade

Buy

Reason

The analyst rating for ANTA SPORTS was influenced by several factors. Despite the company maintaining a Buy rating, BOCI lowered its target price due to the following reasons: 1. Failure to Meet Expectations: ANTA SPORTS did not meet management expectations for its 3Q25 results, with retail sales for both the Anta and Fila brands showing only low single-digit growth year-over-year. 2. Weak Consumer Confidence: The report highlighted weak consumer confidence as a key issue affecting sales performance. 3. Intense Market Competition: The competitive environment in the market was noted as a significant challenge, contributing to concerns about future performance. 4. Lowered Sales Guidance: ANTA SPORTS revised its full-year guidance for the core Anta brand, reducing the sales growth forecast from mid-single-digit to low single-digit growth year-over-year. 5. Short-term Valuation Downgrade Risks: There are market concerns regarding the competitive environment in 4Q25 and the potential for ANTA SPORTS to miss forecasts again, which could lead to short-term valuation downgrade risks. Despite these challenges, BOCI remains confident in ANTA SPORTS' ability to maintain market leadership and outperform peers through its multi-brand strategy.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Citi Adjusts TOPSPORTS TP to HKD3.8 with Buy Rating, Lowers FY27-28 Earnings Projections

Analyst Views on 02020

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