Yamato released a report stating that it contacted the management of Anta Sports (02020.HK) on Friday to provide the latest business conditions and respond to investors' concerns. The bank reiterated its buying rating, indicating that it was unrivaled in implementing the multi-brand strategy to help withstand short-term challenges and provide sustainable long-term growth, and adjusted the valuation basis from forecasting a price-earnings ratio of 24 times this year to forecasting a total average price-earnings ratio of 24 times this year to a target price of 24 times the total average price-earnings ratio for the current year and next, raised the target price from HK$110 to HK$120. Considering the company's overseas expansion strategy, the bank slightly reduced its earnings estimates per share by 1% from 2025 to 2026 to reflect more conservative profit margin forecasts. Management said that the sales momentum since April has generally maintained its strength in the first quarter and is moving towards management's target of online sales continuing to outperform offline. Furthermore, the report quoted management as saying that currently only about 200 stores have been opened in Southeast Asia (such as the Philippines, Malaysia and Vietnam), and the revenue and profit contributions are still unclear. Management is still seeking total retail revenue of Anta and other brands to reach 1.5 billion US dollars in overseas markets. Management is also watching for expansion opportunities in the Middle East and Africa as well as mature markets such as Europe and the US.