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Industrial Securities: Maintain TOPSPORTS "Buy" rating. FY25Q3 sales trend improves compared to the previous quarter.
Industrial Securities released a research report stating that it maintains a "Buy" rating for TOPSPORTS (06110), estimating Net income attributable to the parent company for FY25/26/27 to be 1.4/1.53/1.671 billion yuan, with year-on-year changes of -36.7%/+9.3%/+9.2%. The terminal sales environment is facing challenges, and the company prioritizes inventory management, with progress meeting expectations, maintaining the annual guidance unchanged. Nike's new CEO places greater emphasis on collaboration with Dealers partners and plans to refocus on professional sports categories, with more changes expected in FY2026. Industrial Securities' main points are as follows: the company reported up to the end of 202.
[Brokerage Focus] HAITONG INT'L first assigns TOPSPORTS (06110) an "Outperform" rating, indicating smooth inventory destocking.
Jinwu Finance News | HAITONG INT'L released a Research Report stating that TOPSPORTS (06110) recorded a year-on-year decline in total sales from its retail and wholesale Business in FY25Q3, with the decline in FY25Q2 in the lower range of 10-20%, while the same period last year saw growth in the lower range of 10-20%. Sales in FY25Q3 improved compared to Q2, primarily due to: 1) the impact of holidays and early online promotions creating a strong promotional atmosphere online, allowing the company to seize the online sales window and increase investment, resulting in rapid growth of online channel revenue that boosted overall performance; 2) in order to optimize inventory levels, discounts continued to deepen year-on-year.
What Topsports International Holdings Limited's (HKG:6110) 26% Share Price Gain Is Not Telling You
[Brokerage Focus] Guozheng International maintains a "Buy" rating on TOPSPORTS (06110) and looks forward to improvements in Nike's performance under the new CEO.
Jinwu Finance News | Guozheng International Research points out that TOPSPORTS (06110) FY25 Q3 (September to November) total sales amount for Group retail and wholesale businesses declined in the mid-single digits year-on-year, showing improvement compared to the lower end of 10-20% decline from FY25 Q2. Looking at different channels, online performance outperformed offline, as September to November is a peak period for online promotions. The company actively seized sales opportunities, recording double-digit growth in online sales, with direct online sales accounting for 40% of total direct sales; offline customer traffic showed a month-on-month improvement, but still faces certain pressures. The report indicates that in terms of store performance, the gross sales area of direct stores decreased year-on-year.
Special Correspondent Guo Jiayao: The pace of interest rate cuts in the external environment is slowing, raising concerns about its impact on the economic recovery.
Jinwu Financial News | US stocks developed unevenly on Thursday, with the market rebounding at the beginning, but then the rise significantly narrowed due to rising bond yields, and the three major Indexes closed mixed. The US dollar performed strongly, with the US ten-year bond yield rising to 4.56%. Gold and oil prices were pressured. Hong Kong stock pre-market trading was generally weak, and it is expected that the market will open lower. The mainland stock market fell yesterday, with the Shanghai Composite Index opening lower and closing down 0.3%, while the trading volume in the Shanghai and Shenzhen markets slightly increased. The Hong Kong stock market followed the weak trends from overseas markets, opening lower and at one point narrowing the decline, but fell again towards the end with overall trading volume increasing.
[Brokerage Focus] GTJA maintains a Shareholding rating for TOPSPORTS (06110), Bullish on the operational improvement of Nike and the recovery of Consumer spending driving its performance elasticity.
Jingwu Financial News | GTJA's research report indicates that TOPSPORTS (06110) has shown a slight improvement in sales performance compared to FY2025 Q3 from early December to now. For the entire FY2025, the bank maintains its expectation of a high single-digit year-on-year decline in total revenue and a net income decline of over 35%. Looking ahead to 2025, based on the assumption of enhanced expectations for economic and consumer recovery, cyclical bottom symbols are expected to experience a dual recovery in performance and valuation. TOPSPORTS' income from direct channels accounts for 85% of total revenue. The bank expects substantial recovery potential and characterizes it as having low valuation and high dividend features. The bank also pointed out that after Nike's new CEO Hill took office, there is...
