Guosheng Securities: Maintain TOPSPORTS "Buy" rating. Sales declined in FY25Q3 by single digits.
Guosheng Securities released a research report stating that it maintains a "Buy" rating for TOPSPORTS (06110). As a leading company in downstream channels for sports shoes and apparel, the optimization of terminal store structure and digital transformation drive improved retail efficiency. Efficient membership operations continue to strengthen user loyalty, and it is expected that the company's Net income for FY2025-FY2027 will be 1.338/1.477/1.64 billion yuan respectively, with the current price corresponding to a FY2025 PE of 12 times. TOPSPORTS released a quarterly operating announcement, stating that for FY2025 Q3 (September to November 2024), the company's total sales across all channels (including retail revenue and wholesale shipment amounts, tax inclusive).
CICC: Maintain TOPSPORTS 'outperform industry' rating with a Target Price of 3.1 Hong Kong dollars.
CITIC Securities released a research report stating that TOPSPORTS (06110) maintains a "outperform Industry" rating, with unchanged EPS forecasts of 0.22/0.28 yuan for FY25/26, and a Target Price of 3.1 HKD, corresponding to 14/10 times PE for FY25/26. The company announced the operational performance for 3QFY25 (September to November 2024): total sales amount for retail and wholesale Business declined in the low single digits year-on-year, and the gross sales area of self-operated stores decreased by 2.1% compared to the end of August. Key points from CITIC Securities are as follows: the decline in quarterly turnover growth rate narrowed compared to the previous quarter, guiding Operations with inventory as a core factor. 3QFY25 (20
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