Topsports INTL. (6110 HK) Leading Retailer, first choice for international renowned brands August 19, 2020 86

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKDHKD11.61

Investment Summary

Topsports is the largest sports retailer in China. Started to operate sports shoes and apparel retail in 1999. In the past 20 years, it has expanded its sales network and expanded its brand portfolio to meet Chinese consumers’ demand for sports shoes and apparel products. The company currently operates more than 8,000 stores directly in nearly 300 cities across the country in order to establish the broadest and deeply penetrating national sports shoes and apparel retail network. According to Frost & Sullivan’s data, Topsports’ market share in 2018 was 15.9%, ranking first in China’s domestic sports shoes and apparel retail market.

About the author

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Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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