招银国际：升滔搏(06110)目标价至3.77港元 维持“买入”评级

Core Viewpoint - 招银国际's report indicates that 滔搏 (06110) slightly exceeded expectations for the first half of the fiscal year ending August 2025, benefiting from resilient gross margins [1] Financial Performance - The company is expected to experience profit margin expansion due to strong support from core brands and the closure of underperforming stores [1] - The forecast for the second half of fiscal year 2026 sales growth is cautious, reflecting potential challenges [1] Market Outlook - There are positive signs from Nike, which enhances confidence in the company's recovery prospects, although it may take a considerable amount of time [1] - The projected dividend yield for fiscal year 2027 is estimated to reach 8% [1] Investment Rating - 招银国际 maintains a "Buy" rating for 滔搏, with the target price raised from HKD 3.62 to HKD 3.77 [1]