China Merchants Securities International: Keeping the Anta Sports (02020) “Gain” Rating Target Unchanged for the Year

The Zhitong Finance App learned that China Merchants Securities International released a research report stating that Anta Sports (02020)'s target for the whole year remains unchanged, the resilience of multi-brand operations is prominent, and the “gain” rating of Anta Sports is maintained. The target price is HK$93. The bank indicated that Anta completed the acquisition of 29% of Puma's shares on October 7, earlier than the anticipated completion of the fourth quarter. The bank believes that with Anta's multi-brand operating capabilities, the acquisition of Puma will bring long-term synergy effects and complement core sports categories such as soccer. In the third quarter, the turnover of other Anta Sports brands increased by 25% to 30% year-on-year.