Changes in Hong Kong stocks | Old Gold (06181) fell by more than 4%, and the fall in gold prices dragged down second-quarter results, drastically lowered earnings estimates and target prices

The Zhitong Finance App learned that Old Shop Gold (06181) fell by more than 4%. As of press release, it fell 4.34% to HK$343.6, with a turnover of HK$495 million.

According to the news, Laopu Gold expects sales revenue of about 22.7 billion yuan to 23.35 billion yuan in the first half of the year, up 60% to 65% year on year; adjusted net profit is about 4.31 billion yuan to 4.36 billion yuan, up 83% to 85% year on year. However, based on first-quarter results estimates, Laosou Gold's second-quarter revenue was 2.3 billion yuan to 3.95 billion yuan, a sharp drop of 76.1% to 86.9% month-on-month; net profit for the second quarter was estimated to be only 510 million yuan to 760 million yuan, a sharp drop of 34% to 56% year-on-year, and a sharp drop of more than 80% month-on-month.

Morgan Stanley recently released a research report saying that the second-quarter results of the old gold store were affected by falling gold prices, and the performance was lower than expected. The bank lowered the company's revenue and earnings per share forecast by 14% and the 2027-28 forecast by 11-12%. The target price was lowered from HK$590 to HK$505, maintaining the “Overweight” rating.