JPM: Lower Likelihood of Share Placement by LAOPU GOLD in Near Term; Attractive Valuation, Rated Overweight
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JPM's research report indicates a lower likelihood of LAOPU GOLDshare placement in the near term, despite a 22% decline in shares since April due to retail sales concerns and gold price volatility. The bank maintains an Overweight rating, citing resilient demand and upgraded distribution channels. JPM raised its earnings forecasts by 5% to 8% and set a target price of HKD1,296, reflecting a 19x forecast price-to-earnings ratio for next year, highlighting an attractive risk-reward profile.
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