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<Research>BofAS Downgrades LAOPU GOLD, CHOW TAI FOOK to Neutral, Lowers TPs
Recommend 4 Positive 8 Negative 3 |
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BofA Securities published a research report, downgrading LAOPU GOLD (06181.HK) and CHOW TAI FOOK (01929.HK) from Buy to Neutral. The target price for LAOPU GOLD was lowered from HKD860 to HKD774, while CHOW TAI FOOK's was reduced from HKD17.5 to HKD13.1. The broker noted that gold price volatility and subdued macro growth heighten the risks to growth prospects. The Iran conflict adds uncertainty to the upcycle of gold prices. Over the past two years, rising gold prices have been one of the key drivers for gold/ jewelry stocks, since gold is seen as a good hedging tool. Even if gold prices can maintain an upcycle, the broker believed there is a limit to gold jewelry consumption growing in sync with gold price increases sustainably, as consumer fatigue and product cycle decline may cyclically dampen sales. As for LAOPU GOLD, the broker raised its earnings forecast for 2026 by 20% to reflect better-than-expected results for 2025 and 1Q26. AASTOCKS Financial News Website: www.aastocks.com |
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