Taobo (06110) rose nearly 4% and rose 3.64% at press time to HK$5.7, with a turnover of HK$5 million.
The Zhitong Finance App learned that Taobo (06110) rose by nearly 4% and rose 3.64% at press time to HK$5.7, with a turnover of HK$5 million.
Earlier, the company announced that in the third quarter of the 2023/24 fiscal year, the total sales amount of the Group's retail and wholesale business achieved a low 10-20% year-on-year increase. As of November 30, 2023, the gross sales area of direct-run stores increased by 0.5% compared to the end of the previous quarter, and decreased by 1.7% compared to the same period last year.
Citi released a research report saying that it gave Taobo a “buy” rating, making it the sector's first choice to buy stocks. Retail sales growth for the third fiscal quarter beat market expectations, with a target price of HK$9.4. The bank said that based on better-than-expected operating data for the third fiscal quarter, it seems that Nike and Adidas's share in the mainland market will accelerate in 2024, and the company's dividends will be higher, with an expected interest rate of 7% to 9%. Furthermore, it was mentioned that due to the normalization of inventories and healthy levels, Taobo's gross margin continued to expand year-on-year in the second half of the fiscal year, and the EBIT ratio improved year-on-year.