Movement Alert｜Lao Pu Gold Rises 3.12% in Regular Trading, Nomura Reaffirms Buy Rating with HKD 1114 Target Price Boosting Sentiment

Market Focus06-24

On June 24, Lao Pu Gold rose 3.12% in regular trading, trading at HKD 414.2/share, with turnover of HKD 112 million, rebounding after multiple consecutive sessions of decline.

On the news front, Nomura recently published a research report reaffirming its Buy rating on Lao Pu Gold with an unchanged target price of HKD 1114, noting the current valuation implies only 9.9x P/E for fiscal year forecasts. Nomura believes that downside risks from gold price volatility leading to slower sales have been largely priced in, and the risk-reward profile remains attractive.

Context shows the stock had been under sustained pressure, with Citi previously cutting its target price sharply from HKD 1162 to HKD 700, citing over 55% pricing premium versus traditional gold jewelers, weaker-than-expected online sales events, and approximately 30% year-over-year decline in nationwide store sales during recent months due to price-sensitive customer attrition. Citi subsequently further trimmed its target to HKD 659 while maintaining a Buy rating, lowering earnings forecasts by 6%-7% but expecting margin expansion to partially offset operational deleverage.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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