招银国际：升滔搏目标价至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] Group 1: Financial Performance - The company showed a slight performance improvement in the first half of 2025, attributed to strong gross margin resilience [1] - Despite a cautious outlook for sales growth in the second half of fiscal year 2026, profit margins are expected to expand due to strong support from core brands and the closure of underperforming stores [1] Group 2: Market Outlook - The report expresses increased confidence in the company's recovery prospects, particularly due to positive signs from Nike, although a full recovery may take considerable time [1] - The target price for the company's stock has been raised from HKD 3.62 to HKD 3.77, with an expected dividend yield of 8% for fiscal year 2027, maintaining a "buy" rating [1]