External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

Topsports International Holdings / Equity Bottom-Up

Topsports International Holdings (6110 HK)

<ul><li>Sales drop of the principal brands narrowed in 2H25 (ending Feb 2025) vs 1H25.</li><li>However, because of the weaker-than-expected GP margin and other brands’ sales, FY25 net profit was a miss; and FY26E guidance is conservative in our view.</li><li>However, thanks to an impressive payout ratio of 135% and strong cash flow, we tend to believe that the dividend yield in FY26E could also be decent (CMBI est. 9%). Hence we maintain our BUY rating.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sales drop of the principal brands narrowed in 2H25 (ending Feb 2025) vs 1H25.However, because of the weaker-than-expected GP margin and other brands’ sales, FY25 net profit was a miss; and FY26E guidance is conservative in our view.However, thanks to an impressive payout ratio of 135% and strong cash flow, we tend to believe that the dividend yield in FY26E could also be decent (CMBI est. 9%). Hence we maintain our BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topsports (6110 HK) - Prudent Guidance but Strong Cash Flow & Yield