UBS cut Laopu Gold (06181.HK) PT to HK$650 from HK$930 and reiterated a Buy
rating. The bank says boutique upgrades, VIC services and more frequent
new-product launches enhance the company’s brand, channel and product
positioning, helping cushion a gold-price pullback. UBS views the shares as
oversold and cites potential catalysts including stronger-than-expected 1H
results, VIC-related activity and H2 overseas store openings; it forecasts 1H
revenue and net profit up about 93% and 118% YoY. UBS expects gold prices to
recover in H2, notes new stores could offset same-store-sales pressure if gold
stays weak, trimmed 2026–28 EPS forecasts by 0–2% and cut the PT citing high
base effects, slower medium-term growth and competitive pressures.
