<Research>CMS Lowers ANTA SPORTS (02020.HK) Price Target to $95, Maintains Overweight Rating Due to Strong Brand Portfolio
Sales Performance: ANTA SPORTS experienced weak sales in 4Q25 due to a warm winter and holiday shifts, but this was in line with expectations, showcasing the resilience of its multi-brand portfolio.
Brand Performance: The Fila brand met its annual sales target by mid-November, while outdoor brands Descente and Kolon continued to show solid growth.
Broker Ratings: CICC lowered ANTA SPORTS' target price from HKD 121 to HKD 95 but maintained an "Outperform" rating, indicating confidence in the company's future performance.
Profit Forecasts: CMSI reduced its net profit forecasts for ANTA SPORTS by approximately 5% for both 2026 and 2027.
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<UOB Kay Hian's Consumer Ratings and Target Prices (Table)>
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with notable gains for ANTA SPORTS (+2.365%) and HAIDILAO (+5.822%), while LI NING (-1.875%) and SANDS CHINA LTD (-1.271%) experienced declines.
Short Selling Data: Short selling activity varied across stocks, with LI NING having the highest ratio at 23.224%, while TSINGTAO BREW reported the lowest at 1.075%.
Investment Ratings: Most stocks listed received a "Buy" rating, except for LI NING, which is rated as "Hold," indicating a generally positive outlook for the majority of the stocks.
Market Insights: Citi's estimate for Macau's February gross gaming revenue (GGR) is projected at MOP20 billion, reflecting a 1% year-over-year increase, suggesting a stable gaming market.
UOB Kay Hian Identifies ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM CHINA as Top Picks Amid Improved Consumption Trends During CNY Holiday
Improvement in Consumption: This year's Chinese New Year holiday data indicates a recovery in the domestic consumption market, particularly in tourism, culture, and catering sectors, compared to last year.
Broker Optimism: UOB Kay Hian expresses optimism about structural consumption growth in China, highlighting potential policy support and overseas growth opportunities, especially in catering and experiential consumption.
Top Stock Picks: UOB Kay Hian's top stock recommendations include ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM CHINA, all rated as Buy, with an Overweight rating for the domestic consumption sector.
Target Price Adjustments: The broker has adjusted target prices for several stocks based on CNY holiday consumption and travel data, increasing targets for HAIDILAO, LI NING, KWEICHOW MOUTAI, and WULIANGYE.
Jefferies Upgrades Outlook for CN Sportswear Sector, Anticipates Over 5% Increase in Year-to-Date Retail Sales
Optimistic Outlook for Chinese Sportswear: Jefferies has a positive forecast for the Chinese sportswear industry, anticipating over 5% year-on-year growth in retail sales despite challenges like warm winter weather and increased discount rates.
Factors Influencing Sales: The expected sales growth is attributed to government subsidies, changes in holiday dates, and the rising popularity of outdoor sports during the Chinese New Year holiday.
Stock Ratings for ANTA and LI NING: Jefferies assigned a target price of HKD95 with a Hold rating for ANTA SPORTS and a target price of HKD48 with a Buy rating for LI NING.
Market Activity: As of February 25, 2026, ANTA SPORTS experienced a short selling of $181.38M, while LI NING had a short selling of $83.30M, indicating active trading in these stocks.
HSI Rises 199 Points at Midday; Surge in Commodity and Chinese Property Stocks; Broad Increase in Consumer Stocks
Market Performance: Hong Kong stocks rose in early trading, with the HSI up 199 points (0.8%) to 26,789, and total market turnover reaching HKD122.273 billion.
HSBC Results: HSBC Holdings reported a 7.4% year-on-year decline in profit before tax to USD29.907 billion, with its stock price down 0.3% at HKD134.9, while declaring a quarterly dividend of USD0.45.
Commodity Stocks Surge: Several commodity stocks, including ZHAOJIN MINING and ZIJIN GOLD INTL, saw significant gains of over 2%, with CHINAGOLDINTL spiking 3.2%.
Consumer Sector Growth: Consumer stocks advanced, highlighted by MAOYAN ENT's forecast of RMB540 million profit, and notable increases in sportswear and catering stocks, with HAIDILAO jumping 5.8%.
Midday Update: HSI Ends at 26,789, Gaining 199 Points; HSTI Reaches 5,288, Up 17 Points; HAIDILAO Surges Over 5%; LI NING, SINOPHARM, CHINA RES MIXC, HENGAN INT'L, and MTR CORPORATION Achieve New Highs
Market Performance: The Hang Seng Index (HSI) rose by 199 points (0.8%) to 26,789, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw gains of 17 points (0.3%) and 81 points (0.9%) respectively.
Active Heavyweights: Notable stocks included Meituan, Ping An, Tencent, and Alibaba, all experiencing increases in their share prices, with Meituan leading at a 2.3% rise.
Top Gainers: Among HSI and HSCEI constituents, Haidilao and Longfor showed significant gains of 5.8% and 4.6% respectively, while Xinyi Solar was the only notable loser, dropping by 3.0%.
Short Selling Activity: High short selling ratios were observed in several stocks, with Ping An and China Resources Land having ratios of 35.649% and 40.187% respectively, indicating significant market speculation.
G Sachs Assigns Buy Rating to ANTA SPORTS with Target Price of HKD 108
Amer Sports Performance: Amer Sports, backed by ANTA SPORTS, reported better-than-expected 4FQ EPS driven by strong performance across all business segments, despite a lower-than-expected adjusted EBIT margin of 12.5% due to increased investment in Salomon.
Market Outlook: Analysts noted mixed signals in Amer's FY26 guidance, with revenue growth projected at 16-18% and adjusted EPS expected between USD1.1-1.15.
Goldman Sachs Rating: Goldman Sachs maintains a positive outlook on ANTA SPORTS' long-term growth, emphasizing its multi-brand platform and effective cost control, and has set a Buy rating with a target price of HKD108.
Short Selling Data: Amer Sports has a short selling amount of $157.31M with a ratio of 26.744%, indicating significant market activity and investor sentiment.
<UOB Kay Hian's Consumer Ratings and Target Prices (Table)>
Stock Performance Overview: Various Hong Kong stocks showed mixed performance, with notable gains for ANTA SPORTS (+2.365%) and HAIDILAO (+5.822%), while LI NING (-1.875%) and SANDS CHINA LTD (-1.271%) experienced declines.
Short Selling Data: Short selling activity varied across stocks, with LI NING having the highest ratio at 23.224%, while TSINGTAO BREW reported the lowest at 1.075%.
Investment Ratings: Most stocks listed received a "Buy" rating, except for LI NING, which is rated as "Hold," indicating a generally positive outlook for the majority of the stocks.
Market Insights: Citi's estimate for Macau's February gross gaming revenue (GGR) is projected at MOP20 billion, reflecting a 1% year-over-year increase, suggesting a stable gaming market.
UOB Kay Hian Identifies ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM CHINA as Top Picks Amid Improved Consumption Trends During CNY Holiday
Improvement in Consumption: This year's Chinese New Year holiday data indicates a recovery in the domestic consumption market, particularly in tourism, culture, and catering sectors, compared to last year.
Broker Optimism: UOB Kay Hian expresses optimism about structural consumption growth in China, highlighting potential policy support and overseas growth opportunities, especially in catering and experiential consumption.
Top Stock Picks: UOB Kay Hian's top stock recommendations include ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM CHINA, all rated as Buy, with an Overweight rating for the domestic consumption sector.
Target Price Adjustments: The broker has adjusted target prices for several stocks based on CNY holiday consumption and travel data, increasing targets for HAIDILAO, LI NING, KWEICHOW MOUTAI, and WULIANGYE.
Jefferies Upgrades Outlook for CN Sportswear Sector, Anticipates Over 5% Increase in Year-to-Date Retail Sales
Optimistic Outlook for Chinese Sportswear: Jefferies has a positive forecast for the Chinese sportswear industry, anticipating over 5% year-on-year growth in retail sales despite challenges like warm winter weather and increased discount rates.
Factors Influencing Sales: The expected sales growth is attributed to government subsidies, changes in holiday dates, and the rising popularity of outdoor sports during the Chinese New Year holiday.
Stock Ratings for ANTA and LI NING: Jefferies assigned a target price of HKD95 with a Hold rating for ANTA SPORTS and a target price of HKD48 with a Buy rating for LI NING.
Market Activity: As of February 25, 2026, ANTA SPORTS experienced a short selling of $181.38M, while LI NING had a short selling of $83.30M, indicating active trading in these stocks.
HSI Rises 199 Points at Midday; Surge in Commodity and Chinese Property Stocks; Broad Increase in Consumer Stocks
Market Performance: Hong Kong stocks rose in early trading, with the HSI up 199 points (0.8%) to 26,789, and total market turnover reaching HKD122.273 billion.
HSBC Results: HSBC Holdings reported a 7.4% year-on-year decline in profit before tax to USD29.907 billion, with its stock price down 0.3% at HKD134.9, while declaring a quarterly dividend of USD0.45.
Commodity Stocks Surge: Several commodity stocks, including ZHAOJIN MINING and ZIJIN GOLD INTL, saw significant gains of over 2%, with CHINAGOLDINTL spiking 3.2%.
Consumer Sector Growth: Consumer stocks advanced, highlighted by MAOYAN ENT's forecast of RMB540 million profit, and notable increases in sportswear and catering stocks, with HAIDILAO jumping 5.8%.
Midday Update: HSI Ends at 26,789, Gaining 199 Points; HSTI Reaches 5,288, Up 17 Points; HAIDILAO Surges Over 5%; LI NING, SINOPHARM, CHINA RES MIXC, HENGAN INT'L, and MTR CORPORATION Achieve New Highs
Market Performance: The Hang Seng Index (HSI) rose by 199 points (0.8%) to 26,789, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw gains of 17 points (0.3%) and 81 points (0.9%) respectively.
Active Heavyweights: Notable stocks included Meituan, Ping An, Tencent, and Alibaba, all experiencing increases in their share prices, with Meituan leading at a 2.3% rise.
Top Gainers: Among HSI and HSCEI constituents, Haidilao and Longfor showed significant gains of 5.8% and 4.6% respectively, while Xinyi Solar was the only notable loser, dropping by 3.0%.
Short Selling Activity: High short selling ratios were observed in several stocks, with Ping An and China Resources Land having ratios of 35.649% and 40.187% respectively, indicating significant market speculation.
G Sachs Assigns Buy Rating to ANTA SPORTS with Target Price of HKD 108
Amer Sports Performance: Amer Sports, backed by ANTA SPORTS, reported better-than-expected 4FQ EPS driven by strong performance across all business segments, despite a lower-than-expected adjusted EBIT margin of 12.5% due to increased investment in Salomon.
Market Outlook: Analysts noted mixed signals in Amer's FY26 guidance, with revenue growth projected at 16-18% and adjusted EPS expected between USD1.1-1.15.
Goldman Sachs Rating: Goldman Sachs maintains a positive outlook on ANTA SPORTS' long-term growth, emphasizing its multi-brand platform and effective cost control, and has set a Buy rating with a target price of HKD108.
Short Selling Data: Amer Sports has a short selling amount of $157.31M with a ratio of 26.744%, indicating significant market activity and investor sentiment.
