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Goldman Sachs: Gives topsports a 'neutral' rating, reduces the target price by 55% to HKD 2.7.
Goldman Sachs released a research report stating that it has given a 'neutral' rating to Topsports (06110), and significantly lowered the target price from 6 Hong Kong dollars to 2.7 Hong Kong dollars, reflecting mainly the downward adjustment of profits. Goldman Sachs stated that the downward adjustment of revenue forecast for the company's fiscal years 2025-2027 is 11%-15%, mainly due to the decrease in revenue forecast. The net profit forecast is lowered by 30%-33%, mainly based on the headwinds of gross margin, as a result of the need to digest inventory with greater discount intensity, poor channel mix, and negative operating leverage of offline store sales. In addition, Topsports has historically had a higher gross margin, and unlike Pou Sheng Int'l (03813), Pou Sheng has optimized space.
Pou Sheng Int'l (03813.HK): In August, the net comprehensive operating income was 1.321 billion yuan, a year-on-year decrease of 6.2%.
On August 2024, pou sheng int'l (03813.HK) announced that the net comprehensive operating income for this month (equivalent to total sales minus sales discounts and sales returns) was 1.321 billion yuan, a decrease of 6.2% compared to the same month last year. The net comprehensive accumulated operating income for the eight months ending August 31, 2024, was 12.567 billion yuan, a decrease of 8.8% compared to the same period last year.
Express News | Pou Sheng International - Aug Net Consolidated Operating Revenue RMB1.32 Bln, Down 6.2%
POU SHENG INT'L: 2024 INTERIM REPORT
Pou Sheng Int'l (03813) fell 18.20%, now trading at 0.540 yuan, hitting a new 52-week low.
As of 11:42, Pou Sheng Int'l (03813) fell by 18.20% from the previous closing price to 0.540 yuan, hitting a 52-week low; the volume was 0.405 million shares, with a turnover of 0.2192 million Hong Kong dollars.
Macquarie: Maintains Yue Yuen Ind's "Outperform" rating and raises target price to HKD 17.2.
Morgan Stanley released a research report stating that it maintains a rating of "outperform" for Yue Yuen Industrial (00551), raising its profit forecast for this year and next year by 3% and 1% respectively, and raising the target price by 3% to HKD 17.2. Morgan Stanley pointed out that the Yue Yuen management has raised its manufacturing growth forecast for the 2024 fiscal year to low double digits, which represents that the growth rate of output in the second half of the year will be faster than the 10% growth rate in the first half of the year. They believe that the higher contribution of urgent orders and the company's maintenance of the target proportion of orders from major customers can support the growth, and the gross profit is expected to improve by half of the year. In addition, the bank pointed out that Pou Sheng Int'l will continue to prioritize its discount level and inventory management in the second half of the year.
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