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招银证券6月30日发布公告。Initiate BUY with TP of HK$9.03, based on an18x FY2/25E P/E, roughly at par to avg. of Anta & Li Ning and49% discounts to Nike & Adidas. Our target multiple (18x) is roughly at par to avg. of Anta & Li Ning (17x), because it is well supported by Topsports’3years NP CAGR of20% and that is also similar to Anta & Li Ning (21% &19%) and it still has a49% discount to avg. Nike & Adidas, We find Topsports attractive not only due to turnaround but also decent dividend yield. It is trading at14.1x FY2/25E P/E and5.4% yield.

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