Anta Sports Products: Positive Read-Across from Amer's 1Q26 Result and Uplifted 2026 Guidance

Goldman Sachs maintains its Buy rating on Anta Sports following strong 1Q26 results and raised guidance from Amer Sports, which suggests earnings upside for Anta. Despite mixed near-term signals for mass brands, Anta's multi-brand portfolio continues to gain market share in China.

Key Takeaways

• 1.Amer Sports (AS) reported a strong 1Q26 beat across all brands and geographies, raising its FY26 EPS guidance.
• 2.Strong growth in Greater China for Amer (+44.5% yoy) provides a positive read-across for Anta group's market share and channel strength.
• 3.Anta's valuation remains attractive at 13x 2026E PE, with a maintained Buy rating and HK$108 price target.

Table of Contents

• GS view - read-across to Anta and China sports market from AS' earnings call
• Price target risks and methodology - Anta Sports Products
• Disclosure Appendix

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