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<Research>DBS Lifts LUK FOOK HOLD (00590.HK) TP to $21.03, Rating Buy
Recommend 6 Positive 5 Negative 3 |
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Due to the recent market volatility, investors increased their holdings of gold due to rising economic uncertainties, while some central banks also bought more gold amid low global visibility and concerns over the Russian asset freeze, DBS Group Research issued a research report saying. The market is forecasting a rise in gold prices of more than 10% by the end of 2025. LUK FOOK HOLD (00590.HK)'s retailing revenue in mainland China hiked 1% YoY in 4FQ ended March benefiting from potential growth in gold demand under uncertain times, and fell 11% in Hong Kong and Macau, representing a sharp improvement from the previous quarter. As LUK FOOK HOLD's gold hedging loss may be higher than originally expected, DBS Group Research lowered its FY2025/ FY2026 net profit forecasts by 11%/ 10% respectively, and kept rating at Buy. The broker also extended its valuation base to FY2026, and lifted its target price to $21.03 from $17.42 based on a target PE ratio of 8x. AAStocks Financial News Website: www.aastocks.com |
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