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Topsports (6110.HK): FY25H1 is expected to reach the bottom of performance, maintaining ample cash and high dividends.
FY25H1 sales are under pressure, mainly due to the year-on-year decline in offline customer traffic. In FY25H1 (March-August 2024), the company recorded revenue of 13.05 billion yuan, a 7.9% year-on-year decrease, mainly due to weak demand and a decline in same-store customer traffic.
Hong Kong stock market abnormal movement | Topsports (06110) fell more than 4% now, with a decline in revenue and net income in the first half of the fiscal year. Institutions state that the company's customer traffic pressure is still ongoing.
Topsports (06110) is currently down more than 4%, as of the time of writing, it is down 4.06%, trading at 2.6 Hong Kong dollars, with a turnover of 29.1086 million Hong Kong dollars.
Bocom Intl: Downgraded topsports rating to 'Neutral', target price lowered to HKD 3.06.
Bocom Intl released a research report stating that considering the continued pressure on current customer traffic, they have revised down the financial estimates for Topsports (06110). The target price has been lowered to HK$3.06, with a potential upside of 14.1%, based on a PE ratio of 11 times 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 fell by 7.9% year-on-year. The gross margin decreased by 3.6 percentage points year-on-year, mainly due to deeper discount rates and an increased proportion of wholesale channels with lower gross margins. The net margin decreased by 2.7 percentage points year-on-year to 6.7%. The mid-term dividend payout ratio reached 99.
[Brokerage Focus] Bocom Intl downgrades Topsports (06110) rating to Neutral, indicating that the current pressure on customer traffic continues.
Golden Finance News | Bocom Intl issued research reports pointing out that Topsports (06110) saw a decline in revenue and net income in the first half of the 2025 fiscal year. Affected by the pressure on customer traffic this year, the revenue decreased by 7.9% year-on-year. The gross margin fell by 3.6 percentage points year-on-year, mainly due to deeper discount rates and an increase in the proportion of wholesale channels with lower gross margins. The net income margin decreased by 2.7 percentage points year-on-year to 6.7%. The interim dividend payout ratio reached 99.4%. The number of stores decreased by more than 300 in the first half of the fiscal year. As of the end of the first half of the 2025 fiscal year, Topsports operated a total of 5813 stores, with the total sales area of directly operated stores decreasing by 1.9% compared to the previous year.
Tencent International (6110.HK): Both revenue and profit declined in the first half of the fiscal year, maintaining a high dividend yield; revised to neutral.
In the first half of the 2025 fiscal year, both revenue and net income declined; maintaining a high dividend payout ratio. Since the beginning of the year, affected by the pressure on customer traffic, the company's revenue decreased by 7.9% year-on-year to 13.05 billion yuan (RMB, the same below), slightly below market expectations. Gross margin
[Brokerage Focus] Zheshang Securities maintains a 'buy' rating on Topsports (06110), indicating that there is still retail environment pressure in the second half of the fiscal year.
Jingu Finance News | Zheshang Securities released research reports indicating that due to changes in the consumer environment, Topsports (06110) experienced a mid-single-digit and a 10%-20% decline in total sales amount for retail and wholesale business in the two quarters from 3/1 to 5/31 and 6/1 to 8/30 in 2024, resulting in a 7.9% year-on-year decrease in the company's revenue for the first half of the fiscal year to 13.06 billion yuan, with sales revenue of 12.96 billion yuan, a year-on-year decrease of -7.9%. Affiliate revenue from esports also decreased by 15.7% and 0.5% year-on-year. The company continues to enhance store experience in direct operations, with new brand performance slightly better than block orders.
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