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Zhao Yin International: Maintaining a "buy" rating for Topsports, target price lowered to HKD 2.89.
CMB International released a research report stating that it maintains a 'buy' rating for Topsports (06110) with the target price greatly reduced from 6.78 Hong Kong dollars to 2.89 Hong Kong dollars. The latest target price reflects the industry's and Nike's related sales growth slowing down, gross margin decline exceeding expectations, and operating leverage weaker than expected. The bank still has concerns about the group's prospects and believes that there is currently no sign of a turnaround. The company's latest forecast indicates a year-on-year drop of about 35% in net income for the first half of the 2025 fiscal year. The bank believes that the group's performance is below expectations, mainly due to operational deleveraging. The company's prospects are still dim, but the stock price has fallen and the dividend still remains attractive. The bank points out
Everbright Securities: Maintains a "shareholding" rating on Topsports, weak demand puts pressure on first-half performance.
Everbright Securities released a research report stating that it maintains a "shareholding" rating for Topsports (06110), considering the uncertainty of consumer demand trends. The company's profit forecast for the fiscal years of 2025 to 2027 was revised downwards (net income attributable to the parent company's net income was reduced by 38%/35%/31% compared to the previous profit forecast), with corresponding EPS for the fiscal years 25/26/27 at 0.24/0.28/0.32 yuan. The company's dividend payout ratio exceeded 100% each year from 2022 to 2024, demonstrating high dividend attributes. The report mentioned that Topsports is expected to experience a year-on-year decline of approximately 35% in net income attributable to the parent company in the first half of the fiscal year 2025, with the profit decline mainly attributed to
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