DBS published a Research Report, expecting Anta's revenue and profit compound annual growth rates for fiscal years 2023 to 2025 to be 12.5% and 16.6%, respectively, while anticipating that Anta, Fila, and all other brands will achieve growth rates of 12%, 7%, and 30% in fiscal year 2025, respectively. DBS stated that Anta's revenue growth is stabilizing, but its operating margin remains more resilient compared to its peers, reflecting the company's strong operational control in a challenging operating environment. Therefore, it expects improvements in relevant trends as retail store foot traffic recovers and brand mix improves. Additionally, due to profit margin control and increased contributions from Amer Sports, DBS raised its profit forecasts for Anta in fiscal years 2024 and 2025 by 8% and 3%, respectively. Excluding the profits from the Amer Sports IPO, the estimated profit for fiscal year 2025 is expected to increase by 22% year-on-year. DBS reaffirms Anta's Buy rating with a Target Price of HK$108.