UBS Adjusts Price Target for LAOPU GOLD Downward to HK$650, Reiterates Buy Recommendation

Stock News07-06

UBS has issued a research report indicating that LAOPU GOLD (HKEX: 06181) is seeing the impact of gold price corrections mitigated by its brand strength, channel capabilities, and product positioning, supported by boutique upgrades, VIC services, and more frequent new product launches. The firm's base case forecasts a recovery in gold prices in the second half of the year. Even if gold prices remain weak, pressure on same-store sales growth is expected to be offset by contributions from new store openings. UBS has made minor adjustments of 0% to 2% to its earnings per share forecasts for the company from 2026 to 2028. However, citing moderated medium-term growth from a high base and market competition, the bank has lowered its target price from HK$930 to HK$650, while maintaining a "Buy" rating. The report suggests that LAOPU GOLD shares are oversold, with potential catalysts including better-than-expected first-half financial results, VIC-related activities, and the opening of overseas stores in the second half. UBS anticipates the company's revenue and net profit for the first half of this year to increase by 93% and 118% year-on-year, respectively.

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