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Bocom Intl: Downgrade topsports rating to 'Neutral' with target price cut to 3.06 Hong Kong dollars
Bocom Intl released a research report stating that considering the continued pressure on current customer traffic, it has lowered the financial estimates for Topsports (06110). The target price has been reduced to 3.06 Hong Kong dollars, with a potential upside of 14.1%, based on a 11x PE ratio for the 2025-26 fiscal year. The rating has been downgraded from 'buy' to 'neutral'. The report points out that due to the pressure on customer traffic this year, revenue in the first half of the fiscal year dropped by 7.9% year-on-year. The gross margin decreased by 3.6 percentage points year-on-year, mainly due to deepening discount rates and an increase in the proportion of low-gross-margin wholesale channels. The net margin declined by 2.7 percentage points year-on-year to 6.7%. The mid-term dividend payout ratio reached 99.
Some May Be Optimistic About Topsports International Holdings' (HKG:6110) Earnings
[HK Stock Connect] Topsports (06110) fell by 4.18%. Citi reiterates a target price cut of 10.7%, expecting poor prospects in the second half of the year.
Golden Finance News | Topsports (06110) stock price declined, as of the time of publication, down by 4.18% to HKD 2.75, with a turnover of 45.28 million Hong Kong dollars. On the news front, CICC issued a research report stating that Topsports' performance in the first half of the 25th fiscal year met expectations. Sales decreased by 8% year-on-year to 13.1 billion yuan, net income decreased by 35% year-on-year to 0.874 billion yuan, consistent with the previous profit warning. In addition, the gross margin fell to 41.1% (a decrease of 3.6 percentage points year-on-year), far below the bank's expectations, but offset by cost savings from more store closures. The bank downgraded Topsports' rating to 'hold'.
Hong Kong stock market anomaly | Topsports (06110) fell more than 4%, with the company's performance under pressure in the first half of the fiscal year. Institutions point out that its performance turnaround still needs to wait.
Topsports (06110) fell more than 4%, as of the deadline, fell by 4.18%, to 2.75 Hong Kong dollars, with a turnover of 44.9762 million Hong Kong dollars.
Cautious Hold Rating for Topsports International: Challenges in Offline Sales and Nike's Turnaround
CMB International Downgrades Topsports International to Hold From Buy; Price Target Is HK$2.82
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