Nomura: ANTA lowers sales target but remains the most stable sportswear brand in China, maintains buy rating

Zhitong
2025.10.28 05:12

Nomura's Dong Jizhou stated in a report that although ANTA SPORTS has lowered its sales target for 2025 for the second time, the company remains the most fundamentally sound among Chinese sportswear companies. He indicated that the reason for the target reduction may be due to a high comparison base, as well as ANTA's focus on balancing sales, discount levels, and inventory. He added that given the weak demand in the industry, the company's more realistic targets may benefit its long-term brand recognition and market leadership. Nevertheless, due to a more cautious outlook on ANTA's core brand sales and gross margin trends for the second half of the year, Nomura has lowered its sales forecast for ANTA for 2025-2027 by 1% to 5%. Nomura has reduced the target price for the stock from HKD 121.80 to HKD 117.00, while maintaining a buy rating. The stock fell 3.4% to HKD 84.85

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