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<Research>JPM: ANTA SPORTS (02020.HK) Acquisition of Puma Stake Advances Globalization; TP $141
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ANTA SPORTS (02020.HK)'s acquisition of a 29% stake in Puma is a critical strategic step towards realizing its vision of a global multi-brand sportswear group, JPMorgan issued a research report saying. Therefore, the broker kept rating at Overweight on ANTA SPORTS, with a target price of $141. ANTA SPORTS acquired Puma's stake for EUR1.5 billion (approx. RMB12.3 billion). The JPMorgan considered the price reasonable, given Puma's brand history, strengths in professional sports fields such as football and running, and its international market presence in Europe and Latin America. The report emphasized that the acquisition will be entirely funded by ANTA SPORTS' internal resources, with the Company's net cash reaching RMB31.5 billion as of 1H25, sufficient to cover the transaction and maintain its dividend policy, alleviating market concerns about financing pressure. The broker estimated that the transaction will have only a low single-digit percentage impact on ANTA SPORTS' net profit in 2026. AASTOCKS Financial News Website: www.aastocks.com |
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