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<Research>Daiwa Downgrades ANTA SPORTS (02020.HK) to Outperform, Chops TP to $95
Recommend 7 Positive 13 Negative 7 |
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Although ANTA SPORTS (02020.HK)'s management reiterated its 2025 retail sales and operating profit margin guidance, Daiwa saw two key disappointing factors in the Company's 4Q25 performance, according to Daiwa's research report. Firstly, ANTA SPORTS' main brand retail sales posted a low single-digit YoY decline, marking the first contraction since the end of the 2023 zero-COVID-19 policy. Although the decline was less than 1%, it still reflects a shift in trend. Secondly, ANTA SPORTS' management stated that 2026 will be an 'investment year', and it is believed that the Group's operating profit margin will decrease YoY. The broker reduced its 2026 EPS forecast for ANTA SPORTS by 5% to reflect higher marketing expenses; with limited catalysts for short-term valuation re-rating and weaker upside potential. Therefore, Daiwa downgraded ANTA SPORTS from Buy to Outperform, and chopped its target price from $112 to $95. AASTOCKS Financial News Website: www.aastocks.com |
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