Goldman Sachs: Anta's acquisition of PUMA alleviates investor concerns, maintains "Buy" rating

Goldman Sachs' research report pointed out that ANTA SPORTS (02020.HK) announced before the market opened yesterday (27th) that it has reached an agreement with Groupe Artemis to acquire its 29.06% stake in Puma.

Goldman Sachs expects that the financial impact of this equity acquisition on ANTA will mainly be reflected in investment income/loss and reduced interest income due to cash payments. If the management's expectation for the transaction to be completed within this year is realized, it may bring about a 5% negative impact on ANTA Group's net profit for this year. The management stated that this transaction will not affect its expected dividend for 2025.

Goldman Sachs also indicated that the current earnings forecast for ANTA does not yet reflect the impact of this acquisition agreement; the group's stock price rose by 2% at yesterday's close, which may partially reflect a alleviation of investor concerns regarding ANTA's merger and acquisition activities. The current stock price corresponds to a 13 to 14 times price-to-earnings ratio based on Goldman Sachs' 2026 forecast, making the valuation attractive; it maintains a "Buy" rating for the stock with a 12-month target price of 108 yuan