Core Viewpoint - Prada's stock has seen a decline of over 5%, currently trading at 44.84 HKD, with a trading volume of 13.08 million HKD, as analysts express concerns about the brand's ability to maintain growth amidst a new wave of creativity in the luxury fashion sector [1] Group 1: Brand Performance - Morgan Stanley reports that while the Prada brand remains robust, the growth rate of the Miu Miu brand is expected to slow significantly, with a projected year-on-year growth of only 17% in Q4, down from 29% in Q3 and 49% in the first half of the year [1] - Citigroup forecasts that Prada's sales for Q4 FY2025 will see a year-on-year increase of 6% at constant exchange rates, but a reported decline of 1% to 1.59 billion EUR [1] - Retail sales by brand are expected to remain flat for Prada (with a 1% decline in Q3) and a 20% year-on-year growth for Miu Miu (down from 29% growth in Q3) [1] Group 2: Financial Projections - The EBIT for the second half of the year is projected to decline by 3% to 685 million EUR, with the EBIT margin expected to narrow by 100 basis points to 23.4% year-on-year [1]

Group 1 - Prada's stock dropped over 5% in early trading, currently down 4.8% at HKD 44.84 with a trading volume of HKD 13.08 million [1] - Morgan Stanley's report indicates that while the Prada brand remains strong, the growth rate of the Miu Miu brand is expected to slow significantly, with a projected year-on-year growth of only 17% in Q4, compared to 29% in Q3 and 49% in the first half of the year [1] - Citigroup forecasts that Prada's sales for Q4 FY2025 will see a year-on-year increase of 6% at constant exchange rates, but a reported decline of 1% to EUR 1.59 billion; retail sales by brand are expected to remain flat for Prada (down 1% in Q3) and a 20% increase for Miu Miu (compared to 29% growth in Q3) [1] Group 2 - The EBIT for the second half is expected to decline by 3% to EUR 685 million, with the EBIT margin narrowing by 100 basis points year-on-year to 23.4% [1]

Core Viewpoint - Prada's stock has been declining, with a drop of over 5% during trading, currently priced at 44.8 HKD, resulting in a market capitalization of 114.6 billion HKD. Morgan Stanley analysts suggest that Prada may struggle to maintain its growth momentum amid a new wave of creativity in the luxury fashion sector, particularly as the development pace of its Miu Miu brand slows down. The firm has lowered its target price for Prada's Hong Kong-listed shares from 53 HKD to 51 HKD while maintaining a rating in line with the market [1]. Company Summary - Prada's stock opened lower and experienced a decline of over 5%, currently trading at 44.8 HKD, with a total market value of 114.6 billion HKD [1]. - Morgan Stanley's report indicates that Prada may be one of the few luxury companies to experience a slowdown in growth in the last quarter of the year, particularly due to the slowing development of its Miu Miu brand [1]. - The target price for Prada's shares has been adjusted from 53 HKD to 51 HKD, with a market-perform rating maintained [1].

Group 1 - Morgan Stanley analysts report that Prada may struggle to maintain its growth momentum amid a new wave of creativity in the luxury fashion sector [1] - The slowdown in the development pace of Prada's Miu Miu brand is highlighted as a contributing factor to the anticipated growth deceleration [1] - Morgan Stanley has lowered the target price for Prada's Hong Kong-listed shares from HKD 53 to HKD 51, while maintaining a rating in line with the market [1]

Group 1 - Morgan Stanley reports that the upcoming creative wave poses risks to Prada (01913) as renowned creative directors join competitive brands, making it difficult to see how Prada and Miu Miu can maintain growth momentum [1] - Despite believing in the group's good management and cheap stock price, Morgan Stanley does not foresee reasons for the group to outperform competitors in the coming months, thus lowering the target price from HKD 53 to HKD 51 and maintaining a "market perform" rating [1] - The firm anticipates that Prada will be one of the few personal luxury goods groups to report a continued slowdown in total sales and retail sales in Q4, with Miu Miu's growth rate expected to slow significantly, projecting a Q4 year-on-year growth of only 17%, down from 29% in Q3 and 49% in the first half of the year [1] Group 2 - For the Prada brand, Morgan Stanley slightly raised its Q4 organic sales growth (OSG) forecast to flat year-on-year, indicating that the brand's momentum remains robust [2] - For the Miu Miu brand, Morgan Stanley lowered its Q4 year-on-year growth forecast to 17%, indicating a continued slowdown compared to the 28.6% growth in Q3, although Miu Miu is still expected to maintain strong momentum and performance [2] - At the group level, Morgan Stanley has reduced its growth forecast for Q4 2025 to 4.4% and for the entire year to 7.6%, leading to a downward revision of the group's earnings per share forecasts by 0.6% and 2.7% for the next two years, respectively [2]

Group 1 - Morgan Stanley reports that the upcoming creative wave poses risks to Prada (01913) as renowned creative directors join competitive brands, making it difficult to see how Prada and Miu Miu can maintain growth momentum [1] - Despite confidence in the group's good management and cheap stock price, there is no clear reason for the group to outperform competitors in the coming months; thus, the target price is slightly reduced from HKD 53 to HKD 51, with a rating of "in line with the market" [1] - The firm anticipates that Prada will be one of the few personal luxury goods groups to report a continued slowdown in total sales and retail sales in Q4, with Miu Miu's growth rate expected to slow significantly, projecting a Q4 year-on-year growth of only 17%, down from 29% in Q3 and 49% in the first half of the year [1] Group 2 - For the Prada brand, Morgan Stanley slightly raises its Q4 organic sales growth (OSG) forecast to flat year-on-year, indicating that the brand's momentum remains robust [2] - For the Miu Miu brand, the Q4 year-on-year growth forecast is downgraded to 17%, indicating a continued slowdown compared to the 28.6% growth in Q3; however, Miu Miu is still expected to maintain strong momentum and performance due to its product appeal [2] - At the group level, Morgan Stanley lowers its growth forecast for Q4 2025 to 4.4% and for the entire year to 7.6%, leading to a reduction in earnings per share forecasts for the next two years by 0.6% and 2.7%, respectively [2]

Core Viewpoint - Morgan Stanley's report indicates that despite optimism regarding Prada's brand fundamentals in Q4, the Prada Group is expected to be one of the few personal luxury goods groups to report a continued slowdown in total and retail sales in Q4 [1] Group Performance - The growth rate of the subsidiary brand Miu Miu is anticipated to slow significantly, with a projected year-on-year growth of only 17% in Q4, compared to 29% in Q3 and 49% in the first half of the year [1] Competitive Risks - The upcoming creative wave poses risks to the group, as renowned creative directors are joining competitive brands, making it difficult for Prada and Miu Miu to maintain growth momentum [1] Management and Valuation - Although the group is believed to be well-managed and its stock is considered cheap, there is no clear reason to expect it to outperform competitors in the coming months [1] - Morgan Stanley has slightly reduced its target price from HKD 53 to HKD 51, maintaining a "market perform" rating [1]

Group 1 - Citi's report indicates no significant changes to Prada's revenue, EBIT, and earnings per share forecasts for fiscal years 2025, 2026, and 2027 [1] - The target price for Prada has been lowered from HKD 53.8 to HKD 52, maintaining a "Neutral" rating [1] - For Q4 of fiscal year 2025, sales are expected to grow by 6% year-on-year at constant exchange rates, but report a decline of 1% to EUR 1.59 billion [1] Group 2 - Retail sales by brand are projected to remain flat for Prada (down 1% in Q3) and increase by 20% for Miu Miu (up 29% in Q3) [1] - EBIT for the second half of the year is expected to decrease by 3% to EUR 685 million, with EBIT margin narrowing by 100 basis points to 23.4% year-on-year [1]

Core Viewpoint - Citi has released a report indicating no significant changes to its revenue, EBIT, and earnings per share forecasts for Prada for the fiscal years 2025, 2026, and 2027, while lowering the target price from HKD 53.8 to HKD 52 and maintaining a "Neutral" rating [1] Revenue Forecast - For Q4 of fiscal year 2025, sales are expected to grow by 6% year-on-year at constant exchange rates, but report a decline of 1% to EUR 1.59 billion [1] - Retail sales by brand are projected to remain flat for Prada (down 1% in Q3) and increase by 20% for Miu Miu (up 29% in Q3) [1] EBIT and Profit Margin - EBIT for the second half of the year is anticipated to decrease by 3% to EUR 685 million [1] - EBIT margin is expected to narrow by 100 basis points year-on-year to 23.4% [1]

Core Viewpoint - Citi has lowered the target price for Prada from HKD 53.8 to HKD 52, maintaining a "Neutral" rating [1] Sales Forecast - For the fourth quarter of fiscal year 2025, Prada's sales are expected to grow by 6% year-on-year at constant exchange rates, but report a decline of 1% to EUR 1.59 billion [1] - Retail sales by brand are projected to remain flat for Prada year-on-year (down 1% in Q3), while Miu Miu is expected to grow by 20% year-on-year (compared to 29% growth in Q3) [1] EBIT and Profit Margin - EBIT for the second half is anticipated to decline by 3% year-on-year to EUR 685 million [1] - EBIT margin is expected to narrow by 100 basis points year-on-year to 23.4% [1]