Citibank maintains a "buy" rating on Anta as the negative impact of the Puma acquisition has been absorbed.

Citigroup released a research report stating that Anta Sports announced this morning that it will acquire a 29% stake in sports brand Puma for 1.5 billion euros, making it the largest shareholder of Puma after the transaction is completed. The bank believes that as the market has already anticipated this acquisition, any related negative factors have already been largely reflected in the stock price. Therefore, Citigroup maintains a "buy" rating on Anta with a target price of 107 Hong Kong dollars. The report points out that the acquisition price is equivalent to 35 euros per share, which is approximately 0.7 times Puma's forecasted market sales ratio for 2025. Anta's management stated in a conference call that there are currently no plans to privatize Puma, and the acquisition funds will all come from internal resources, without affecting the company's dividend distribution and shareholder cash returns. Citigroup believes that this alleviates concerns in the market about Anta potentially engaging in equity financing or a full merger with Puma.