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02020
ANTA SPORTS
HKD
80.200-0.200
(-0.25%)
1D
AI Analysis for 02020
AI Analysis
High
80.700
Open
79.900
VWAP
79.97
Vol
3.53M
Mkt Cap
234.96B
Low
79.450
Amount
282.35M
EV/EBITDA(TTM)
8.95
Total Shares
2.81B
EV
29.67B
EV/OCF(TTM)
11.27
P/S(TTM)
2.83
ANTA Sports Products Ltd is a company principally engaged in the production and sale of sporting goods. The Company's main businesses are brand marketing, production, design, procurement, supply chain management, wholesale and retail of branded sporting goods, including footwear, apparel and accessories. The Company explores the potential of the sporting goods market through diversified brands, including ANTA, FILA, DESCENTE and KOLON SPORT. The Company's products are sold to domestic and international markets.
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News
8.5
01-28aastocks<Research>BOCI Predicts Extended Timeline for Puma to Deliver Substantial Profits to ANTA SPORTS, with Possibility of Future M&As
Acquisition Details: ANTA SPORTS announced the acquisition of a 29.06% stake in Puma for EUR1.5 billion, which was better than market expectations despite prior anticipation of the deal.
Future Outlook: BOCI suggests that Puma's turnaround may take longer compared to other brands like Amer Sports or Fila, and anticipates further M&A activities from ANTA SPORTS in the future.
Market Reaction: Citi maintains a Buy rating on ANTA SPORTS, indicating that any negatives from the Puma acquisition are already reflected in the stock price.
Earnings Forecast: BOCI expects limited impact on ANTA SPORTS' adjusted earnings forecasts for 2026 and 2027, setting a target price of $95.4 for the stock.
8.5
01-28aastocksCICC: ANTA SPORTS (02020.HK) Acquisition of Puma Stake Anticipated to Boost Global Competitiveness; Target Price Set at $110.91
Acquisition Insights: CICC's research report suggests that ANTA SPORTS' acquisition of PUMA is reasonable, enhancing its brand portfolio and international competitiveness.
Market Reaction: Citi maintains a "Buy" rating on ANTA SPORTS, indicating that any negatives from the PUMA acquisition are already reflected in the stock price.
Earnings Forecast Adjustments: CICC has adjusted its earnings per share (EPS) forecasts for ANTA SPORTS downward for 2026 and 2027 due to lower interest income and PUMA's short-term losses.
Stock Performance: ANTA SPORTS shares have seen a decline of 1.155%, with significant short selling activity reported.
8.5
01-28aastocks<Research>BOCOMI: Puma Acquisition Could Have Minor Short-Term Financial Impact on ANTA SPORTS
Acquisition of Puma: Anta Sports announced the acquisition of a 29.06% stake in Puma for EUR1.51 billion, fully funded by its own resources, aligning with its strategy of "single focus, multi-brand, and globalization."
Strategic Positioning: The acquisition addresses Anta's previous lack of presence in the global mass professional sports market, with Puma's strong appeal in various sports and fashion sectors filling this gap.
Financial Overview: Anta Sports has a solid financial foundation, holding net cash of RMB31.5 billion as of mid-2025, although Puma is currently in a loss-making position for the first three quarters of 2025, which may impact Anta's financials short-term.
Market Sentiment: JPMorgan maintains an "Overweight" rating on Anta Sports with a target price of HKD141, indicating positive market sentiment despite the challenges posed by Puma's current financial status.
8.5
01-28aastocksG Sachs: ANTA SPORTS (02020.HK) Purchase of PUMA Alleviates Investor Worries; Rating Maintained at Buy
Acquisition Announcement: ANTA SPORTS has agreed to acquire a 29.06% stake in Puma from Groupe Artemis, as reported by Goldman Sachs.
Market Reaction: Following the announcement, ANTA SPORTS' share price increased by 2%, indicating a potential easing of investor concerns regarding the company's M&A activities.
Earnings Forecast: Goldman Sachs noted that the current earnings forecast for ANTA SPORTS does not yet account for the impact of the acquisition agreement.
Stock Valuation: The stock is currently valued at 13x-14x the projected 2026 PE ratio, leading Goldman Sachs to maintain a "Buy" rating with a 12-month target price of $108.
8.5
01-28aastocksJPM: ANTA SPORTS (02020.HK) Expands Global Presence with Puma Stake Acquisition; Target Price Set at $141
Acquisition Details: ANTA SPORTS has acquired a 29% stake in Puma for EUR1.5 billion, which is seen as a strategic move to enhance its position as a global multi-brand sportswear group.
Market Analysis: JPMorgan maintains an Overweight rating on ANTA SPORTS with a target price of $141, citing the acquisition as reasonable due to Puma's strong brand and market presence.
Financial Position: The acquisition will be funded entirely by ANTA SPORTS' internal resources, with a net cash position of RMB31.5 billion, ensuring no financing pressure and the ability to maintain its dividend policy.
Profit Impact: The transaction is expected to have a minimal impact on ANTA SPORTS' net profit, estimated at a low single-digit percentage for the year 2026.
Money Flow
Over the past 66 trading days, overall net money flow is 256.31M, with retail investors contributing 7.58M and major investors adding 213.84M.
Net Buy $ Volume
Net Sell $ Volume
BOCI
maintain
$95.4
2026-01-28
Reason
The analyst rating for ANTA SPORTS is a "Buy" based on several factors outlined in the article. The key reasons for this rating include:
1. Acquisition Consideration: The actual consideration paid for the 29.06% stake in Puma was viewed as better than market expectations, indicating a positive outlook on the acquisition.
2. Long-term Potential: While BOCI anticipates that Puma's turnaround may take longer compared to other brands like Amer Sports or Fila, they still see potential for future profitability.
3. Future M&A Activity: The broker believes that ANTA SPORTS' global expansion may continue beyond this acquisition, suggesting a proactive growth strategy.
4. Limited Impact on Earnings Forecasts: BOCI expects the impact of the Puma acquisition on its adjusted earnings forecasts for 2026 and 2027 to be limited, which supports the stability of ANTA SPORTS' financial outlook.
5. Target Price: The broker has set a target price of $95.4, indicating confidence in the stock's future performance.
Overall, these factors contribute to BOCI's decision to maintain a "Buy" rating for ANTA SPORTS.
BOCI
Price Target
$95.4
2026-01-28
maintain
The analyst rating for ANTA SPORTS is a "Buy" based on several factors outlined in the article. The key reasons for this rating include:
1. Acquisition Consideration: The actual consideration paid for the 29.06% stake in Puma was viewed as better than market expectations, indicating a positive outlook on the acquisition.
2. Long-term Potential: While BOCI anticipates that Puma's turnaround may take longer compared to other brands like Amer Sports or Fila, they still see potential for future profitability.
3. Future M&A Activity: The broker believes that ANTA SPORTS' global expansion may continue beyond this acquisition, suggesting a proactive growth strategy.
4. Limited Impact on Earnings Forecasts: BOCI expects the impact of the Puma acquisition on its adjusted earnings forecasts for 2026 and 2027 to be limited, which supports the stability of ANTA SPORTS' financial outlook.
5. Target Price: The broker has set a target price of $95.4, indicating confidence in the stock's future performance.
Overall, these factors contribute to BOCI's decision to maintain a "Buy" rating for ANTA SPORTS.
CICC
CICC
Outperform
maintain
$110.91
2026-01-28
Reason
The analyst rating for ANTA SPORTS was maintained at "Outperform" by CICC due to the belief that the potential acquisition of PUMA is reasonable, considering the long-term value of the brand. The report highlights that acquiring PUMA would enrich ANTA SPORTS' brand portfolio and enhance its international competitiveness by complementing its existing brands across various dimensions, such as product mix and regional presence. Despite reducing the EPS forecasts for 2026 and 2027 due to anticipated lower interest income from the acquisition and PUMA's short-term losses, the overall outlook remains positive, reflected in the target price of $110.91.
CICC
Outperform
Price Target
$110.91
2026-01-28
maintain
The analyst rating for ANTA SPORTS was maintained at "Outperform" by CICC due to the belief that the potential acquisition of PUMA is reasonable, considering the long-term value of the brand. The report highlights that acquiring PUMA would enrich ANTA SPORTS' brand portfolio and enhance its international competitiveness by complementing its existing brands across various dimensions, such as product mix and regional presence. Despite reducing the EPS forecasts for 2026 and 2027 due to anticipated lower interest income from the acquisition and PUMA's short-term losses, the overall outlook remains positive, reflected in the target price of $110.91.
JPM
Overweight
maintain
HKD141
2026-01-28
Reason
The analyst rating for ANTA SPORTS is influenced by several key factors outlined in the article. The acquisition of a 29.06% stake in Puma for EUR1.51 billion is seen as a strategic move that aligns with Anta's long-term strategy of "single focus, multi-brand, and globalization." This acquisition is significant as it allows Anta to strengthen its position in the global mass professional sports market, an area where it previously lacked a strong presence, particularly in segments like football, running, motorsports, and fashion.
From a financial perspective, the group is noted to have a solid foundation, with net cash of RMB31.5 billion as of mid-2025. However, it is also mentioned that Puma is currently in a loss-making position for the first three quarters of 2025, which could have a short-term negative impact on Anta's financial statements. Despite this, the overall strategic alignment and financial stability contribute to the positive outlook reflected in the analyst's rating.
JPM
Overweight
Price Target
HKD141
2026-01-28
maintain
The analyst rating for ANTA SPORTS is influenced by several key factors outlined in the article. The acquisition of a 29.06% stake in Puma for EUR1.51 billion is seen as a strategic move that aligns with Anta's long-term strategy of "single focus, multi-brand, and globalization." This acquisition is significant as it allows Anta to strengthen its position in the global mass professional sports market, an area where it previously lacked a strong presence, particularly in segments like football, running, motorsports, and fashion.
From a financial perspective, the group is noted to have a solid foundation, with net cash of RMB31.5 billion as of mid-2025. However, it is also mentioned that Puma is currently in a loss-making position for the first three quarters of 2025, which could have a short-term negative impact on Anta's financial statements. Despite this, the overall strategic alignment and financial stability contribute to the positive outlook reflected in the analyst's rating.
Goldman Sachs
Goldman Sachs
maintain
$108
2026-01-28
Reason
The analyst rating for ANTA SPORTS is maintained at "Buy" by Goldman Sachs due to several reasons:
1. Acquisition Agreement: ANTA SPORTS has reached an agreement to acquire a 29.06% stake in Puma from Groupe Artemis, which is seen as a positive development.
2. Earnings Forecast: The current earnings forecast does not yet reflect the impact of this acquisition, suggesting potential for future growth.
3. Market Reaction: The share price increased by 2% at the close of the previous day, indicating a positive market response and easing of investor concerns regarding ANTA SPORTS' M&A activities.
4. Valuation: The stock is currently valued at 13x-14x the forecasted 2026 PE ratio, which Goldman Sachs considers attractive.
5. Target Price: Goldman Sachs has set a 12-month target price of $108, supporting their positive outlook on the stock.
These factors collectively contribute to the "Buy" rating.
Goldman Sachs
Price Target
$108
2026-01-28
maintain
The analyst rating for ANTA SPORTS is maintained at "Buy" by Goldman Sachs due to several reasons:
1. Acquisition Agreement: ANTA SPORTS has reached an agreement to acquire a 29.06% stake in Puma from Groupe Artemis, which is seen as a positive development.
2. Earnings Forecast: The current earnings forecast does not yet reflect the impact of this acquisition, suggesting potential for future growth.
3. Market Reaction: The share price increased by 2% at the close of the previous day, indicating a positive market response and easing of investor concerns regarding ANTA SPORTS' M&A activities.
4. Valuation: The stock is currently valued at 13x-14x the forecasted 2026 PE ratio, which Goldman Sachs considers attractive.
5. Target Price: Goldman Sachs has set a 12-month target price of $108, supporting their positive outlook on the stock.
These factors collectively contribute to the "Buy" rating.
JPMorgan
JPMorgan
Overweight
maintain
$141
2026-01-28
Reason
The analyst rating for ANTA SPORTS was maintained at "Overweight" by JPMorgan due to the strategic significance of its acquisition of a 29% stake in Puma. The report highlighted that this move is a critical step towards ANTA's vision of becoming a global multi-brand sportswear group. JPMorgan deemed the acquisition price of EUR1.5 billion reasonable, considering Puma's brand history, strengths in professional sports, and its international market presence. Additionally, the acquisition will be funded by ANTA's internal resources, alleviating concerns about financing pressure, and is expected to have only a low single-digit percentage impact on ANTA's net profit in 2026. The target price set by JPMorgan is $141.
JPMorgan
Overweight
Price Target
$141
2026-01-28
maintain
The analyst rating for ANTA SPORTS was maintained at "Overweight" by JPMorgan due to the strategic significance of its acquisition of a 29% stake in Puma. The report highlighted that this move is a critical step towards ANTA's vision of becoming a global multi-brand sportswear group. JPMorgan deemed the acquisition price of EUR1.5 billion reasonable, considering Puma's brand history, strengths in professional sports, and its international market presence. Additionally, the acquisition will be funded by ANTA's internal resources, alleviating concerns about financing pressure, and is expected to have only a low single-digit percentage impact on ANTA's net profit in 2026. The target price set by JPMorgan is $141.
UBS
maintain
$117
2026-01-28
Reason
The analyst rating for ANTA SPORTS is maintained at "Buy" by UBS due to the anticipated positive reception of the company's recent acquisition of a 29% stake in Puma, which aligns with investor expectations. UBS believes that the acquisition will not negatively impact ANTA SPORTS' dividend policy, as the company has a strong net cash position of RMB31.5 billion. Additionally, the target price is set at $117, reflecting confidence in the company's resilient brand portfolio.
UBS
Price Target
$117
2026-01-28
maintain
The analyst rating for ANTA SPORTS is maintained at "Buy" by UBS due to the anticipated positive reception of the company's recent acquisition of a 29% stake in Puma, which aligns with investor expectations. UBS believes that the acquisition will not negatively impact ANTA SPORTS' dividend policy, as the company has a strong net cash position of RMB31.5 billion. Additionally, the target price is set at $117, reflecting confidence in the company's resilient brand portfolio.
Citi
Buy
maintain
$107
2026-01-27
Reason
The analyst rating from Citi for ANTA SPORTS is a "Buy" due to the belief that the market has already priced in the negatives associated with the acquisition of a 29% stake in Puma. Citi suggests that since the acquisition and ANTA SPORTS' cautious outlook for 2026 have been fully communicated to the market, the short-term negative factors are largely accounted for in the current share price. This leads to the conclusion that there is potential for upside, justifying the Buy rating with a target price of HKD107.
Citi
Buy
Price Target
$107
2026-01-27
maintain
The analyst rating from Citi for ANTA SPORTS is a "Buy" due to the belief that the market has already priced in the negatives associated with the acquisition of a 29% stake in Puma. Citi suggests that since the acquisition and ANTA SPORTS' cautious outlook for 2026 have been fully communicated to the market, the short-term negative factors are largely accounted for in the current share price. This leads to the conclusion that there is potential for upside, justifying the Buy rating with a target price of HKD107.
JPMorgan
JPMorgan
Overweight
maintain
$141
2026-01-22
Reason
The analyst rating for ANTA SPORTS (02020.HK) is maintained at Overweight by JPMorgan due to the company's resilient brand portfolio, despite the core ANTA brand experiencing a low single-digit year-over-year decline in retail sales, which was slightly below expectations. The overall operating performance for 4Q25 was in line with expectations, and the growth momentum of FILA and other brands contributed positively to the outlook. The target price is set at HKD141.
JPMorgan
Overweight
Price Target
$141
2026-01-22
maintain
The analyst rating for ANTA SPORTS (02020.HK) is maintained at Overweight by JPMorgan due to the company's resilient brand portfolio, despite the core ANTA brand experiencing a low single-digit year-over-year decline in retail sales, which was slightly below expectations. The overall operating performance for 4Q25 was in line with expectations, and the growth momentum of FILA and other brands contributed positively to the outlook. The target price is set at HKD141.
Daiwa
Daiwa
Buy -> Outperform
downgrade
$112 -> $95
2026-01-21
Reason
The analyst rating for ANTA SPORTS was downgraded from Buy to Outperform by Daiwa due to two key disappointing factors in the company's 4Q25 performance. Firstly, the main brand's retail sales experienced a low single-digit year-over-year decline, indicating a concerning shift in trend. Secondly, management indicated that 2026 will be an 'investment year', which is expected to lead to a decrease in the operating profit margin year-over-year. Additionally, Daiwa reduced its 2026 EPS forecast by 5% to account for higher marketing expenses and noted limited catalysts for short-term valuation re-rating and weaker upside potential. Consequently, the target price was lowered from $112 to $95.
Daiwa
Buy -> Outperform
Price Target
$112 -> $95
2026-01-21
downgrade
The analyst rating for ANTA SPORTS was downgraded from Buy to Outperform by Daiwa due to two key disappointing factors in the company's 4Q25 performance. Firstly, the main brand's retail sales experienced a low single-digit year-over-year decline, indicating a concerning shift in trend. Secondly, management indicated that 2026 will be an 'investment year', which is expected to lead to a decrease in the operating profit margin year-over-year. Additionally, Daiwa reduced its 2026 EPS forecast by 5% to account for higher marketing expenses and noted limited catalysts for short-term valuation re-rating and weaker upside potential. Consequently, the target price was lowered from $112 to $95.
BofA Securities
BofA Securities
Buy
downgrade
2026-01-21
Reason
The analyst rating for ANTA SPORTS was reiterated as "Buy" by BofA Securities due to the company's unique and mature multi-brand retail operation capabilities. Despite a slight decline in the core ANTA brand's retail sales and a 5% cut in the target price to HKD102.5, the overall performance was largely in line with expectations, with other brands showing robust growth.
BofA Securities
Buy
Price Target
2026-01-21
downgrade
The analyst rating for ANTA SPORTS was reiterated as "Buy" by BofA Securities due to the company's unique and mature multi-brand retail operation capabilities. Despite a slight decline in the core ANTA brand's retail sales and a 5% cut in the target price to HKD102.5, the overall performance was largely in line with expectations, with other brands showing robust growth.
Valuation Metrics
Forward PE
5Y Average PE
22.36
Current PE
14.42
Overvalued PE
33.02
Undervalued PE
11.71
Forward EV/EBITDA
5Y Average EV/EBITDA
13.43
Current EV/EBITDA
8.50
Overvalued EV/EBITDA
18.62
Undervalued EV/EBITDA
8.24
Forward PS
5Y Average PS
3.81
Current PS
2.47
Overvalued PS
5.13
Undervalued PS
2.49
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