TCM – Potential earnings growth has been priced in – Update

• In FY20, TCM’s revenue declined 4.8% yoy and net profit soared 27.5% yoy, respectively making up 102.3% and 101.2% of full year forecast.
• The agreement with Adidas is the key driver for FY21F NP.
• We downgrade to Reduce from Hold as we believe the potential growth has been priced in.

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