大行评级丨招银国际：微升滔搏目标价至3.77港元 维持“买入”评级

Core Viewpoint - 招银国际 reports that 滔搏's performance for the first half of the fiscal year ending August slightly exceeded expectations, benefiting from resilient gross margins [1] Group 1: Financial Performance - 滔搏's sales growth outlook for the second half of fiscal year 2026 is approached with caution, despite strong support from core brands and the closure of underperforming stores [1] - The company is expected to see margin expansion due to these strategic adjustments [1] - The mid-term dividend payout ratio reached 102% [2] Group 2: Market Outlook - 招银国际 expresses increased confidence in 滔搏's recovery prospects, particularly due to positive signs from Nike, although a full recovery may take considerable time [1] - The target price for 滔搏 has been raised from HKD 3.62 to HKD 3.77, maintaining a "Buy" rating based on an anticipated dividend yield of 8% for fiscal year 2027 [1]