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<Research>G Sachs: LAOPU GOLD (06181.HK) Price Hike to Protect GPM; Buy Reiterated w/ TP $1,128
Recommend 5 Positive 9 Negative 1 |
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LAOPU GOLD (06181.HK) raised prices by 20-30% from the end of February, with the main increase concentrated between 25% and 30%, slightly above market expectations on average, with pure gold products seeing a higher increase, Goldman Sachs said in its research report. This move will help protect the company's GPM, in the broker's view, as management aims for a 40% GPM by 2026, and the company's pricing generally lagged behind gold price increases before the price hike in October last year. In terms of demand, although the market questions the sustainability of growth after the price increase and the end of the promotional period after the Lunar New Year, the broker envisioned that the strong performance during the January to February peak season will help underpin a solid growth outlook for 1H26. The Buy rating was reiterated on LAOPU GOLD, with a target price of HKD1,128. AASTOCKS Financial News Website: www.aastocks.com |
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