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Guosen: Changes in competitive trends of sports brands for 2024 and outlook for 2025.
Against the backdrop of a continued increase in domestic residents' participation in sports, the advantages of functional product growth are expected to continue, with brands that have product word-of-mouth effects and Technology upgrades benefiting from growth dividends.
Topsports International Holdings Limited (HKG:6110) Stock Most Popular Amongst Private Equity Firms Who Own 35%, While Individual Investors Hold 27%
[Brokerage Golden Stocks] Brokerages indicate that the upward trend of Hong Kong stocks remains strong and the list of golden stocks for February has been released (with list attached).
Jinwu Finance | Looking back at January, the Hong Kong stock market successfully outperformed the A-shares, with the Hang Seng Index rising 0.8% in January and the Hang Seng TECH Index rising 5.7%. In contrast, the SSE Composite Index fell 3% while the Chinext Price Index decreased by 3.6%. Moving to February, during the Spring Festival, Trump imposed a 25% tariff on Mexico and Canada and an additional 10% tariff on China, but then announced a one-month delay for the tariffs on Mexico on the evening of February 3. The unpredictability of the Trump administration's tariff policies has created uncertainty in the market. Since February, U.S. stocks have shown fluctuating performance, but the Hong Kong stocks have remained unaffected, with U.S. Treasury yields stabilizing and AI companies like DeepSeek emerging.
[Brokerage Focus] Ping An International maintains TOPSPORTS (06110) 'Buy' rating, anticipating that the price increase potential in 2025 is much greater than the downside risk.
Jingwu Financial News | According to the research report released by浦银国际, the bank expects TOPSPORTS (06110) to experience a year-on-year revenue decline of low single digits in December, with the decline narrowing compared to 3QFY25 (September to November 2024). Additionally, the revenue performance in the first two weeks of January this year has shown further improvement compared to December last year. This suggests that the revenue performance for 4QFY25 so far has been better than the company's previous expectations, and the full-year revenue performance for FY25 is expected to outperform the management's guidance (high single-digit year-on-year decline). The bank believes the positive revenue trend is largely attributable to the company's relatively successful promotion strategy.
The Five-year Shareholder Returns and Company Earnings Persist Lower as Topsports International Holdings (HKG:6110) Stock Falls a Further 4.5% in Past Week
【Brokerage Focus】Changjiang Securities maintains a "Buy" rating on TOPSPORTS (06110), indicating that the company's retail performance slightly exceeded expectations.
Jingu Financial News | Changjiang Securities released a Research Report stating that TOPSPORTS (06110) published its retail data for FY2025 Q3 (September-November). The Q3 revenue showed a single-digit decline year-on-year, but significant improvement compared to Q2 (which showed a decline in the low double digits). Q3 continued to reduce inventory, discounts deepened year-on-year, but the inventory reduction is expected to meet the company's expectations, with significant improvement in inventory anticipated by the end of the financial year. The report pointed out that the company's performance and valuation in the 2025 fiscal year are at the bottom, with the current FY2025 dividend yield at around 8% offering absolute return value. The retail performance in Q3 is trending positively, and inventory adjustments are in line with company expectations, allowing for a light start next year after improvements in inventory and gross profit.
