Zhi Tong Cai Jing·2025-07-31 06:50Core Viewpoint - Macquarie's report indicates that Prada's (01913) sales for the first half of the year increased by 9% year-on-year at constant exchange rates, aligning closely with the bank's forecasts [1] Financial Performance - Net profit rose by 0.6% year-on-year, which was 7% lower than Macquarie's predictions [1] - The bank has revised down its net profit forecasts for Prada for the years 2025 to 2027 by 7.6%, 7.1%, and 6.6% respectively, to account for the first half performance and brand investments [1] - Target price has been reduced by 8% from HKD 65 to HKD 60, while maintaining an outperform rating [1] Market Outlook - Management expects that by the end of August, overall tourist traffic in Japan and Europe will stabilize year-on-year [1] - The company aims to enhance brand value and believes there is still room for improvement in profitability through operational leverage [1] - Management also believes that Miu Miu's penetration rate remains low in many countries, indicating potential for further improvement in product categories and combinations [1]