China's sportswear group Topsports falls most in over 5 weeks after results

Topsports International Holdings

23/05/2024 08:16

** Shares of Topsports International Holdings  6110.HK  fall
3.9% to HK$5.48, on course for the biggest one-day pct decline
since April 16 
    ** Stock hit the lowest since May 9
    ** The Chinese sports shoes and apparel products retailer
says its revenue for year ended in February 2024 rose 6.9% Y/Y
to 28.9 bln yuan ($3.99 bln), net profit up 20.5% Y/Y to 2.2 bln
yuan and profit margin increased 0.8 percentage points at 7.6%
    ** Jefferies keeps "buy" rating but trims price target to
HK$7.90 from HK$9.30 saying it cut earnings forecasts after
Topsports' revenue and margin for six months ended in February
came in weaker than forecast   
    ** Co proposes a final dividend of 0.05 yuan and a special
dividend 0.15 yuan, per share, together with interim dividend of
0.16 yuan, making a total dividend of 0.36 yuan for the year or
representing a dividend payout ratio of 100.9%    
    ** Citi maintains "buy" on the stock saying 101% dividend
payout above industry peers 
    ** Hang Seng Consumption Index  .HSCGSI  falls 2% and Hang
Seng Index  .HSI  eases 1.5%
    ** Stock down 9.8% YTD  


($1 = 7.2444 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))