Citi Initiates 30-Day Upside Catalyst Watch on TOPSPORTS (06110.HK) with a Buy Rating
Citi Research Report: Citi Research has initiated a 30-day upside catalyst watch on TOPSPORTS (06110.HK), rating it as a Buy with a target price of $3.75.
Nike's Restructuring Impact: The report highlights Nike's recent executive restructuring aimed at enhancing operational flexibility and brand resource allocation, which is expected to positively influence its China market business.
Sales Dependency: Nike's performance in China is crucial for TOPSPORTS, as it accounts for approximately 50-60% of the company's sales.
Short Selling Data: As of the latest data, TOPSPORTS has a short selling amount of $3.06 million, with a short selling ratio of 13.186%.
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Citi Sees Promise in ANTA SPORTS (02020.HK) Acquisition of Puma with Target Price of $107
ANTA SPORTS Acquisition: ANTA SPORTS announced its acquisition of Puma, raising investor questions about its impact on the company's business in China.
Citi Research Insights: Citi Research predicts that the acquisition could lead to rapid revenue growth for Puma in China and suggests potential integration of retail and distribution operations.
Market Recommendations: The broker maintains a "Buy" recommendation for ANTA SPORTS and sets a target price of $107, alongside other companies in the sportswear sector.
Short Selling Data: As of February 10, 2026, ANTA SPORTS has a short selling ratio of 14.717%, while other companies like TOPSPORTS and LI NING also show significant short selling activity.
Citi Maintains Buy Rating on ANTA SPORTS; Negative Impacts of Puma Acquisition Already Reflected in Price
ANTA SPORTS Acquisition: ANTA SPORTS announced the acquisition of a 29% stake in Puma for EUR1.5 billion, making it Puma's largest shareholder upon completion.
Market Reaction: Citi reports that the market has largely priced in the negatives related to the acquisition, maintaining a Buy rating on ANTA SPORTS with a target price of HKD107.
Short Selling Data: ANTA SPORTS has a short selling amount of $63.93M with a ratio of 10.045%, indicating significant market activity.
Industry Comparisons: Citi's stock picks favor ANTA SPORTS over competitors like TOPSPORTS and LI NING, all of which are rated Buy.
Citi Highlights LI NING Management: Anticipates Ongoing Retail Discount Pressures This Year; ANTA SPORTS Selected as Preferred Choice in Sportswear Sector
Sales Growth Expectations: LI NING's management anticipates low single-digit year-on-year sales growth for 2025, driven by strong badminton product sales, although they caution that high government subsidies and sales may not be sustainable.
Market Competition and Retail Pressure: Intense competition and market uncertainty are expected to keep retail discounts under pressure, with an increase in advertising and promotional expenses projected for 2026.
Short Selling Data: As of January 15, 2026, LI NING has a short selling amount of $32.75 million with a ratio of 15.269%, indicating significant market skepticism.
Broker Ratings and Target Prices: Citi Research maintains a "Buy" rating for LI NING with a target price increase from HK$20.6 to HK$22, while also providing ratings for ANTA SPORTS and TOPSPORTS.
<Outlook>CCBI and SPDBI's Preferred Hong Kong Stocks (Table)
CCBI's Top Ten Focus Stocks for 2026: CCBI has identified ten key stocks for 2026, including BABA-W, TENCENT, and INNOVENT BIO, with varying short selling ratios indicating market sentiment.
SPDBI's 2026 Outlook Report: SPDBI also released a report highlighting a stock portfolio to monitor, featuring TENCENT and BABA-W, alongside other stocks like HENGRUI PHARMA and POP MART, with significant short selling activity.
Market Trends: Both reports reflect a cautious market environment, with notable short selling ratios for several stocks, suggesting investor skepticism about their performance.
Stock Performance Overview: The reports detail stock price changes and short selling data, indicating a mix of declines and slight gains among the highlighted companies, with some stocks experiencing high short selling ratios.
CICC Lowers TOPSPORTS (06110.HK) Price Target to $3.88, Maintains Outperform Rating
Company Performance: TOPSPORTS (06110.HK) reported results for 3FQ26 that met expectations, but the outlook remains cautious due to weak demand and ongoing brand adjustments.
Earnings Forecast Adjustment: CICC has reduced its FY2026/2027 EPS forecasts for TOPSPORTS by 4% and 13%, respectively, to RMB0.2 and RMB0.23.
Target Price Revision: CICC maintained an Outperform rating for TOPSPORTS while lowering its target price by 7% to $3.88, reflecting projected PE ratios of 17x/15x for FY2026/2027.
Market Activity: The current share price indicates a forecasted PE ratio of 14x/12x for FY2026/2027, with short selling activity reported at $34.05M and a ratio of 20.931%.
Macquarie Lowers TOPSPORTS (06110.HK) Price Target to $3.9 Due to Weak Demand and Key Partner Support
Sales Performance: TOPSPORTS experienced a sales decline in 3FQ26 that aligned with management expectations and mirrored the performance from 2Q25, with weak demand persisting into December.
Nike Partnership: Despite challenges in the Chinese market, TOPSPORTS continues to collaborate closely with Nike, which is expected to provide ongoing support through better wholesale discounts and inventory buybacks.
Profit Forecast Adjustments: Macquarie has reduced its FY2026 and FY2027 net profit forecasts by 4.2% and 3.9% respectively, citing lower revenue expectations and rising expenses due to weaker demand.
Target Price Revision: The brokerage has lowered its target price for TOPSPORTS by 5% to HKD3.90 while maintaining an Outperform rating.
Citi Sees Promise in ANTA SPORTS (02020.HK) Acquisition of Puma with Target Price of $107
ANTA SPORTS Acquisition: ANTA SPORTS announced its acquisition of Puma, raising investor questions about its impact on the company's business in China.
Citi Research Insights: Citi Research predicts that the acquisition could lead to rapid revenue growth for Puma in China and suggests potential integration of retail and distribution operations.
Market Recommendations: The broker maintains a "Buy" recommendation for ANTA SPORTS and sets a target price of $107, alongside other companies in the sportswear sector.
Short Selling Data: As of February 10, 2026, ANTA SPORTS has a short selling ratio of 14.717%, while other companies like TOPSPORTS and LI NING also show significant short selling activity.
Citi Maintains Buy Rating on ANTA SPORTS; Negative Impacts of Puma Acquisition Already Reflected in Price
ANTA SPORTS Acquisition: ANTA SPORTS announced the acquisition of a 29% stake in Puma for EUR1.5 billion, making it Puma's largest shareholder upon completion.
Market Reaction: Citi reports that the market has largely priced in the negatives related to the acquisition, maintaining a Buy rating on ANTA SPORTS with a target price of HKD107.
Short Selling Data: ANTA SPORTS has a short selling amount of $63.93M with a ratio of 10.045%, indicating significant market activity.
Industry Comparisons: Citi's stock picks favor ANTA SPORTS over competitors like TOPSPORTS and LI NING, all of which are rated Buy.
Citi Highlights LI NING Management: Anticipates Ongoing Retail Discount Pressures This Year; ANTA SPORTS Selected as Preferred Choice in Sportswear Sector
Sales Growth Expectations: LI NING's management anticipates low single-digit year-on-year sales growth for 2025, driven by strong badminton product sales, although they caution that high government subsidies and sales may not be sustainable.
Market Competition and Retail Pressure: Intense competition and market uncertainty are expected to keep retail discounts under pressure, with an increase in advertising and promotional expenses projected for 2026.
Short Selling Data: As of January 15, 2026, LI NING has a short selling amount of $32.75 million with a ratio of 15.269%, indicating significant market skepticism.
Broker Ratings and Target Prices: Citi Research maintains a "Buy" rating for LI NING with a target price increase from HK$20.6 to HK$22, while also providing ratings for ANTA SPORTS and TOPSPORTS.
<Outlook>CCBI and SPDBI's Preferred Hong Kong Stocks (Table)
CCBI's Top Ten Focus Stocks for 2026: CCBI has identified ten key stocks for 2026, including BABA-W, TENCENT, and INNOVENT BIO, with varying short selling ratios indicating market sentiment.
SPDBI's 2026 Outlook Report: SPDBI also released a report highlighting a stock portfolio to monitor, featuring TENCENT and BABA-W, alongside other stocks like HENGRUI PHARMA and POP MART, with significant short selling activity.
Market Trends: Both reports reflect a cautious market environment, with notable short selling ratios for several stocks, suggesting investor skepticism about their performance.
Stock Performance Overview: The reports detail stock price changes and short selling data, indicating a mix of declines and slight gains among the highlighted companies, with some stocks experiencing high short selling ratios.
CICC Lowers TOPSPORTS (06110.HK) Price Target to $3.88, Maintains Outperform Rating
Company Performance: TOPSPORTS (06110.HK) reported results for 3FQ26 that met expectations, but the outlook remains cautious due to weak demand and ongoing brand adjustments.
Earnings Forecast Adjustment: CICC has reduced its FY2026/2027 EPS forecasts for TOPSPORTS by 4% and 13%, respectively, to RMB0.2 and RMB0.23.
Target Price Revision: CICC maintained an Outperform rating for TOPSPORTS while lowering its target price by 7% to $3.88, reflecting projected PE ratios of 17x/15x for FY2026/2027.
Market Activity: The current share price indicates a forecasted PE ratio of 14x/12x for FY2026/2027, with short selling activity reported at $34.05M and a ratio of 20.931%.
Macquarie Lowers TOPSPORTS (06110.HK) Price Target to $3.9 Due to Weak Demand and Key Partner Support
Sales Performance: TOPSPORTS experienced a sales decline in 3FQ26 that aligned with management expectations and mirrored the performance from 2Q25, with weak demand persisting into December.
Nike Partnership: Despite challenges in the Chinese market, TOPSPORTS continues to collaborate closely with Nike, which is expected to provide ongoing support through better wholesale discounts and inventory buybacks.
Profit Forecast Adjustments: Macquarie has reduced its FY2026 and FY2027 net profit forecasts by 4.2% and 3.9% respectively, citing lower revenue expectations and rising expenses due to weaker demand.
Target Price Revision: The brokerage has lowered its target price for TOPSPORTS by 5% to HKD3.90 while maintaining an Outperform rating.
