AS.US Overview

Amer Sports Performance: Amer Sports, backed by ANTA SPORTS, reported better-than-expected 4FQ EPS driven by strong performance across all business segments, despite a lower-than-expected adjusted EBIT margin of 12.5% due to increased investment in Salomon.

Market Outlook: Analysts noted mixed signals in Amer's FY26 guidance, with revenue growth projected at 16-18% and adjusted EPS expected between USD1.1-1.15.

Goldman Sachs Rating: Goldman Sachs maintains a positive outlook on ANTA SPORTS' long-term growth, emphasizing its multi-brand platform and effective cost control, and has set a Buy rating with a target price of HKD108.

Short Selling Data: Amer Sports has a short selling amount of $157.31M with a ratio of 26.744%, indicating significant market activity and investor sentiment.

Amer Sports Revenue Growth: Amer Sports is projected to grow its revenue by about 15% by 2026, with a significant 47% year-over-year revenue increase in the Greater China region for Q3 2025.

Store Expansion Plans: Following years of optimizing its store network, Amer Sports plans to net add stores in China, indicating confidence in continued growth.

Citi's Positive Outlook on ANTA SPORTS: Citi has rated ANTA SPORTS as a Buy, raising its EPS forecasts for 2025-2027 and slightly increasing the target price from HKD130 to HKD131.

Short Selling Data: As of November 19, 2025, Amer Sports has a short selling amount of $82.51 million, with a ratio of 17.709%.

Citi's Research Report: Citi has issued a report on ANTA SPORTS, indicating a positive short-term outlook and initiating a catalyst watch due to favorable performance from its subsidiary Amer and raised operating guidance for 2025.

Market Performance: ANTA SPORTS has seen a short selling of $95.53 million with a ratio of 18.918%, and Citi has assigned a Buy rating with a target price of HKD 109.7.

Impact of Arc'teryx Event: The report noted that the recent fireworks event for the Arc'teryx brand had a less significant direct impact than expected, suggesting that the indirect effects on the Anta brand may also be milder than anticipated.

Overall Sentiment: The overall sentiment from Citi is optimistic regarding ANTA SPORTS, driven by subsidiary performance and cautious expectations about brand events.

Amer Sports Performance: Amer Sports reported strong 3Q25 results, exceeding market expectations with a 31% YoY revenue increase driven by a 27% growth in same-store sales for its technical apparel business.

Impact of Firework Incident: The anticipated negative impact from a firework incident involving Arc'teryx was less severe than expected, allowing management to raise its 2025 operating guidance.

Positive Outlook for ANTA SPORTS: Citi Research forecasts that Amer's strong performance could positively influence ANTA SPORTS and TOPSPORTS, with ANTA's 2025 attributable revenue from associates projected to exceed previous estimates.

Broker Rating and Target Price: Citi rated ANTA SPORTS as a Buy, setting a target price of $109.7, reflecting an approximate 1% upside to the full-year net profit projection based on the revised revenue forecasts.

Arc'teryx Fireworks Event: Arc'teryx, an outdoor apparel brand under ANTA SPORTS, sponsored a fireworks event in the Himalayas, raising environmental concerns regarding its impact on the local ecosystem.

Market Insights and Stock Performance: Goldman Sachs highlights the importance of the Chinese market for Arc'teryx's growth, while also noting potential short-term stock pressure for ANTA SPORTS due to negative sentiment, although consumer sentiment towards its core business remains stable.

Amer Sports Earnings Guidance: Amer Sports has raised its 3Q25 earnings guidance, expecting high-20s percentage growth in sales YoY and an operating profit margin exceeding 13%, indicating strong performance in outdoor and trail running products, especially in China.

Implications for ANTA and TOPSPORTS: The upgraded guidance for Amer Sports is seen as a positive signal for ANTA SPORTS and TOPSPORTS, both of which have significant stakes in Amer Sports and are expanding their outdoor and running product lines.