** Shares of Chinese sportswear distributor Topsports International Holdings 6110.HK drop 10.4% to HK$2.77, their lowest since April 16
** Stock set for the biggest one-day pct decline since April 7 on the fifth straight session of fall
** Citi maintains "buy" rating on the stock but trims TP to HK$3.75 from HK$3.80, saying Topsports management, in an investor meeting, expects FY26E full-year net profit value to be "largely flat YoY" implying weak topline in FY26E
** Management remains "cautiously optimistic" on its FY26E outlook, as "the marketplace is still promotional" amid various uncertain factors, the firm has "prudently placed pre-orders to its principal brands (Nike/Adidas)" for 2H calendar year - Citi
** Adds, management “has not yet observed material changes” in principal brands' support to China retail partners at this stage
** Hang Seng Commerce & Industry Index .HSNC and Hang Seng Index .HSI both gain 0.1%
** YTD, stock down 5.7% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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