Morgan Stanley: Maintains confidence in the growth visibility of Lao Pu Gold (06181.HK), reiterates the "buy" rating with a target price of HKD 1249.

According to the Wisdom Financial News APP, J.P. Morgan released a research report stating that Lao Pu Gold (06181.HK) has performed strongly during the opening promotion of its new boutique store, with an ideal customer base, strong customer traffic, and sales. Therefore, J.P. Morgan expects this momentum to continue in the second half of 2025, driven by the brand value, product innovation, and market's strong value proposition for "national brands" of Lao Pu. J.P. Morgan also maintains confidence in the growth visibility of Lao Pu in the overall consumption uncertainty, and based on the discounted cash flow method (DCF), sets the target price for Lao Pu in December 2025 at 1,249 Hong Kong dollars, corresponding to forecasted price-earnings ratios of 41 times and 30 times for the next two years. Reaffirming the "buy" rating, future catalysts include the opening of new stores and potential inclusion in the MSCI China Index.