Topsports International Holdings Ltd

06110: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Topsports: Fair Value Estimate Cut 25% on Online Distribution Risk, but Shares Price in Worse

Ivan Su , Junhao Yang

Jul 7, 2026

Neither Nike nor Topsports has denied media reports that Topsports may lose online distribution rights. We ran three scenarios: full access with stricter terms (base), losing Nike's online rights (bear), and losing both Nike and Adidas' (severe), deriving our weighted average valuation accordingly.

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Topsports International Holdings Ltd

Topsports: Fair Value Estimate Cut 25% on Online Distribution Risk, but Shares Price in Worse

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