Citi conducts a 30-day upward catalyst observation period for ANTA SPORTS

Citi published a research report, ending its 30-day short-term positive outlook on ANTA Sports (02020.HK) and initiating a 30-day observation period for upward catalysts. Potential catalysts include the better-than-expected performance of its subsidiary Amer (AS.US) in the last quarter and the upward revision of its full-year operating guidance for 2025. It pointed out that the direct impact of the Arc'teryx brand's September fireworks event was lower than expected, and the anticipated indirect impact on the ANTA brand may be milder than the market expects in the coming quarters.

The bank believes that although ANTA's online sales during this year's "Double 11" period were relatively weak due to controlled retail discounts, it still expects ANTA to achieve its full-year retail sales guidance this year, which includes low single-digit growth for the ANTA brand, mid-single-digit growth for the Fila brand, and a 40% growth for other brands. Citi currently gives ANTA a "Buy" rating with a target price of 109.7 yuan