JP Morgan: Maintains "overweight" rating on LAOPU GOLD (06181) with a target price raised to HK$338.

JP Morgan released a research report stating that the target price of LAOPU GOLD (06181) has been raised by 47.3% to 338 Hong Kong dollars from 229.4 Hong Kong dollars, maintaining a "buy" rating. The bank is bullish on the growth prospects of LAOPU GOLD, believing that its strong growth will benefit from brand asset construction, innovation in products in markets that value national pride, and strong value proposition. The bank also stated that LAOPU GOLD's channel efficiency exceeded expectations, boosting their confidence, with store expansion proceeding as planned and updates happening quicker than anticipated. JP Morgan has raised its profit forecast for LAOPU GOLD for 2024-2026 by 13-14%, higher than the market's forecast by 11-15%. The bank said that LAOPU GOLD's strong growth prospects, along with its potential to become a local luxury brand, make them feel confident.