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[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...
[Brokerage Focus] Tianfeng maintains a Shareholding rating for TOPSPORTS (06110), anticipating that consumer stimulus policies will drive growth.
Jinwu Financial News | Tianfeng issued a Research Report indicating that TOPSPORTS (06110) FY25 Q3 retail and wholesale Business total sales declined compared to M; the gross sales area of directly-operated stores decreased by 2.1% compared to the end of the previous quarter, a year-on-year decrease of 4.4%. In response to the challenge of declining offline traffic, the company promptly expanded its online platforms and adopted new customer acquisition methods that direct traffic online to offline. In the existing market, it enhances in-depth exploration of current users. The report pointed out that the company has further broadened its brand cooperation matrix, utilizing diversified models to layout in the emerging trendy sports field and increasingly specialized segmented sports tracks. Additionally, TOPSPORTS collaborates with globally leading authorized entities.
Open-source Securities: Maintaining the "Buy" rating for TOPSPORTS (06110) and waiting for inventory improvement before taking action.
Keenan Securities expects TOPSPORTS to welcome a phase of performance recovery after inventory improvement by the end of FY2025.
【Brokerage Focus】SWHY maintains a Buy rating on TOPSPORTS (06110), stating that the short-term adjustment does not change the long-term positive trend.
Jinwu Financial News | SWHY's research report indicates that TOPSPORTS (06110) has released its operating data for the third quarter of FY25, and the performance met expectations. In FY25 Q3 (September to November 2024), the company's direct and wholesale pre-tax sales fell by single digits year-on-year, which met expectations, showing significant improvement compared to the previous quarter (FY25 Q2 June to August), which saw a drop in the lower range of 10-20% (data sourced from the company announcement), reflecting a bottoming out and rebound trend. By channel, online sales outperformed offline sales, with impressive results during Singles' Day Sales. Inventory levels remain stable, and the discount rate has slightly deepened in the short term. The bank pointed out that the company
