大行评级｜瑞银：相信安踏收购Puma将带来品牌协同效应，评级“买入”

Core Viewpoint - UBS reports that Anta Sports has announced the acquisition of over 29% stake in Puma for more than €1.5 billion, making it the largest shareholder of Puma [1] Group 1: Acquisition Details - Anta has no intention to privatize Puma, with the acquisition price reflecting approximately a 62% premium [1] - The purchase price corresponds to a projected price-to-earnings ratio of about 15 times and a price-to-sales ratio of approximately 0.6 times for 2024 [1] Group 2: Financial Position and Impact - UBS anticipates that this transaction is within expectations for investors, considering Anta's net cash of 31.5 billion yuan as of June last year [1] - The firm believes that the dividend policy will remain unaffected by this acquisition [1] Group 3: Growth Potential - UBS expects that the acquisition will create brand synergy, noting that only about 8% of Puma's sales currently come from China, which is below the 10% to 20% range of leading global sports brands [1] - There is significant growth potential for Puma in the Chinese market [1] Group 4: Investment Rating - UBS maintains a target price of HKD 117 for Anta and rates it as "Buy" [1]