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<Research>Macquarie Drops TOPSPORTS (06110.HK) TP to $3.9 on Weak Demand, Key Partner Support
Recommend 7 Positive 6 Negative 7 |
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Macquarie issued a research report believing that offline footfall remains pressured, although TOPSPORTS (06110.HK)'s sales decline in 3FQ26 was in line with management expectations and was similar to 2Q25, with weak demand extending into December. Key partner Nike (NKE.US) recently said in an earnings meeting that restructuring in the Chinese market will take time, while TOPSPORTS maintains close cooperation with the brand. The broker believed that this will translate into continued support for TOPSPORTS, including better wholesale discounts and inventory buybacks, etc.. Macquarie lowered its FY2026/ 2027 net profit forecasts by 4.2%/ 3.9% each due to lower revenue forecasts and increased expense rates on weaker-than-expected demand, and dropped its target price by 5% to $3.9, with rating at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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