Bocom Intl released a research report stating that considering the continued pressure on current customer traffic, they have downgraded 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 an 11x PE ratio for the 2025-26 fiscal years. The rating has been downgraded from 'buy' to 'neutral'.

The report indicates that due to the pressure on customer traffic since the beginning of this year, the revenue for the first half of the fiscal year has decreased by 7.9% year-on-year. The gross margin fell by 3.6 percentage points year-on-year, mainly due to increased discount rates and a higher 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 99.4%.