According to a report released by Morgan Stanley, it updated the forecast after the presentation on the interim results and results of the old store Gold and lowered the 2026-2027 net profit forecast by 2-3%. Currently, the net profit forecast for 2026 is expected to increase by 42% year on year to 6.9 billion yuan, which means that the second half of the year will only increase 3% year on year, while net profit for 2027 will increase 3% year on year. Although the price of gold has rebounded 15% after falling 28% from the end of February to the end of June, and demand for price-price gold products has shown early signs of month-on-month improvement, the bank believes that demand recovery will be gradual, and the base for the September/October year-on-year comparison is high. The bank maintained its target price of HK$505, with a price-earnings ratio of 8.5-9 times and a dividend yield of over 8.5% in 2026 and 2027. The valuation remains attractive and maintains an “overweight” rating.

According to a report released by Morgan Stanley, it updated the forecast after the presentation on the interim results and results of the old store Gold and lowered the 2026-2027 net profit forecast by 2-3%. Currently, the net profit forecast for 2026 is expected to increase by 42% year on year to 6.9 billion yuan, which means that the second half of the year will only increase 3% year on year, while net profit for 2027 will increase 3% year on year. Although the price of gold has rebounded 15% after falling 28% from the end of February to the end of June, and demand for price-price gold products has shown early signs of month-on-month improvement, the bank believes that demand recovery will be gradual, and the base for the September/October year-on-year comparison is high. The bank maintained its target price of HK$505, with a price-earnings ratio of 8.5-9 times and a dividend yield of over 8.5% in 2026 and 2027. The valuation remains attractive and maintains an “overweight” rating.