Ge Long Hui·2025-12-19 03:24Core 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]