Citi published a report. It is expected that sales of old gold stores will improve month-on-month in the third quarter of this year, but net profit will be weak. Fluctuations in gold prices continued to dampen consumer sentiment, further extending the expected profit recovery. The bank believes that investors have underestimated the competitive advantages of old gold stores, and are also overly concerned about competition at this stage, and current price valuations are attractive. The bank maintained a “buy” rating, but lowered its profit forecast and lowered its target price from HK$507 to HK$400.

Citi published a report. It is expected that sales of old gold stores will improve month-on-month in the third quarter of this year, but net profit will be weak. Fluctuations in gold prices continued to dampen consumer sentiment, further extending the expected profit recovery. The bank believes that investors have underestimated the competitive advantages of old gold stores, and are also overly concerned about competition at this stage, and current price valuations are attractive. The bank maintained a “buy” rating, but lowered its profit forecast and lowered its target price from HK$507 to HK$400.