Core Viewpoint - Morgan Stanley has extended the valuation period for Lao Pu Gold (06181) to December 2026 from June 2026, maintaining a target price of HKD 1,296 and a rating of "Overweight" [1] Group 1: Company Performance - The firm is optimistic about Lao Pu's retail performance during the Chinese New Year in January and February, citing improved brand equity, new product launches, attraction of new customers, repeat purchases from existing customers, and favorable gold price trends [1] - Lao Pu is expected to achieve a 49% year-on-year profit growth this year, with profit forecasts for 2025 to 2027 raised by 1% to 7% [1] Group 2: Market Strategy - The company is anticipated to benefit from a systematic development strategy, including cautious store expansion, direct sales models, and differentiated service quality provided by a selected and trained team [1] - Sales and net profit are projected to have a compound annual growth rate of 77% and 82% respectively from 2025 to 2027, with a potential price increase expected around late February [1]
小摩：今年维持对老铺黄金正面看法 评级“增持” 视为行业首选标的