Bank of America Securities: Anta Sports (02020) Second Quarter Retail Sales Meet Expectations and Reiterates “Buy” Rating

The Zhitong Finance App learned that Bank of America Securities released a research report saying that retail sales for the second quarter of Anta Sports (02020) were in line with expectations, reaffirming the “buy” rating. Target price HK$102.5. According to the report, both the Anta brand and the FILA brand recorded low unit growth in the second quarter, while other brands increased by 25-30%. Although it is slower than the first quarter, it is in line with overall industry trends. The company expects to meet the full year guidelines. The bank generally maintains its core net profit forecast.

The bank believes that Anta's current valuation provides attractive risk-return reasons, including that Anta is a steady compound growth company, and revenue and profits have continued to grow since 2014; as a multi-brand operator, Anta can cushion individual brand growth cycles and changes in consumer preferences by increasing market share; the current price is only equivalent to 13 times the price-earnings ratio in 2026. The valuation is attractive, and does not reflect its shareholding in Amer Sports.