CMSC International: ANTA SPORTS (02020) Resilience Still Underestimated, Maintains "Buy" Rating

CMSC International released a research report stating that ANTA SPORTS' (02020) sales performance in the last quarter of the previous year met expectations, with the new online strategy for the core ANTA brand revitalizing growth momentum. The firm forecasts that the core ANTA brand, FILA, and other brands will achieve low-single-digit, mid-single-digit, and 50% growth respectively this year. It assigned a target price of HK$95 and maintained a "Buy" rating. The report believes the resilience of the ANTA brand remains underestimated; it is still expected to achieve its revised 2025 sales guidance, with FILA having already locked in its full-year target by mid-November last year, while the outdoor brands (Descente/Kolon) also continued to show steady growth. Looking ahead to 2026, the firm anticipates that ANTA will benefit from strict cost control, with the operating profit margins of its mature brands remaining largely stable. It also believes that if the core ANTA brand re-adjusts its online marketing strategy through updated content and optimized product listing operations, it has the potential to inject new vitality into the brand.