Citigroup has updated its financial model for ANTA SPORTS (02020) to account for its associate company Amer Sports raising its guidance, as well as the potential payment for the Puma acquisition by the end of the third quarter of 2026. The bank has reaffirmed its "Buy" rating on the stock and increased its target price from HK$107 to HK$108.8, representing a 1.7% rise.

Citigroup anticipates that following the completion of the Puma acquisition, ANTA SPORTS will technically consolidate Puma's China operations, which are expected to contribute positively to ANTA's full-year 2027 earnings. The bank projects that the potential positive contribution from Puma's China business will largely offset the negative impact on ANTA's associate company business line in 2027, which is related to its 29% stake in Puma.

Consequently, Citigroup has raised its net profit forecasts for ANTA SPORTS by 2% for 2026 and 3% for 2027. The firm also maintains its existing ranking for the Chinese sportswear industry, with ANTA SPORTS as its top pick, followed by Topsports International (06110) and Li Ning (02331).