"Big Banks" Citigroup: Amer's full-year operating guidance is positive, gives ANTA a "Buy" rating

Citi published a research report stating that Anta (02020.HK) subsidiary Amer Sports (AS.US) significantly exceeded market expectations in its third-quarter performance, with same-store sales growth in the technical apparel business accelerating to 27%, driving a year-on-year revenue increase of 31%. It believes that the impact of the "Arc'teryx" fireworks event in the Himalayas in September this year was less than expected.

Based on the third-quarter performance and the continued strong momentum in the fourth quarter, Amer's management has raised its full-year operating guidance for 2025. Citi believes this could have a positive impact on Anta and Top Sports (06110.HK), predicting that Anta's share of revenue from joint ventures in 2025 could range from RMB 1.39 billion to 1.45 billion, higher than its forecast of RMB 1.285 billion, providing about 1% upside potential to the full-year net profit forecast. It gives Anta a "Buy" rating with a target price of RMB 109.7