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2026-06-22 11:46:06 LAOPU GOLD (06181.HK) opened 0.52% lower today and once hit a trough of HKD430.2. It is now trading at HKD433.6, down 5.41%, with 436,800 shares traded, involving HKD190 million. Nomura said in a research report that LAOPU GOLD (06181.HK) has fallen 24% year to date, underperforming the HSI by 17.4 ppts and also lagging some Chinese gold jewelry peers such as CHOW TAI FOOK (01929.HK). The broker believes this was mainly due to heightened gold price volatility since March 2026 (in contrast to the strong uptrend from mid-2023 to 2025), as well as capital markets showing a stronger preference for Tech and AI themes over consumer stocks. The stock is currently trading at only 9.9x forecast FY2026 PE. The broker believes that the downside risk of sales slowdown caused by gold price volatility has largely been priced in. If gold prices stabilize in the coming months amid a Middle East peace agreement and improving geopolitical conditions, pessimism in capital markets over LAOPU GOLD癒礎s 2H26 sales is expected to ease. Nomura further noted that despite gold price volatility, LAOPU GOLD adhered to its established growth strategy in 2Q26, including launching new products, upgrading boutiques and expanding its high-net-worth customer segment. The broker is positive on the company癒礎s recent boutique relocation and expansion initiatives at MixC Shenzhen, IFC Shanghai, Plaza 66 Shanghai and Marina Bay Sands Singapore. Store upgrades not only expand service areas to accommodate more customers, but also provide a differentiated shopping experience through newly established in-store after-sales service managers. In the long run, improved boutique locations and larger store areas will help enhance brand awareness. Nomura maintained its revenue and earnings forecasts for FY2026-FY2028. Based on 22.5x forecast FY2026 PE, the broker reiterated its Buy rating on LAOPU GOLD with an unchanged TP of HKD1114, believing the current risk-reward profile remains attractive. (ad/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |