Bank of America Securities Drastically Cuts Laopu Gold Target to HK$350 on Weak Q2 Earnings

Stock News08-03

Bank of America Securities has released a research report stating that based on LAOPU GOLD (06181)'s first-half profit alert, its second-quarter revenue and profit growth slowed significantly both year-over-year and quarter-over-quarter. Using the midpoint of the forecast, second-quarter revenue fell 23% year-over-year, while net profit remained flat year-over-year, with revenue and profit declining 82% and 83% quarter-over-quarter, respectively.

The bank believes that weak revenue was partially offset by better margins, as a decline in gold prices should push gross margins above 40%. Since the second quarter is a slow season for gold and jewelry demand, and the company may launch more promotional activities and new products in the second half of the year, the bank currently expects third and fourth-quarter revenue and profit to improve sequentially. It also noted that if gold prices stabilize, some pent-up demand could be released.

Bank of America Securities has lowered its 2026 and 2027 earnings forecasts for LAOPU GOLD by 15% and 20%, to 67 billion and 73 billion yuan, respectively, and cut its target price from HK$774 to HK$350, reiterating a "neutral" rating.

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