MS-Laopu Gold Third round of product hikes this year-20251027
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摘要原文摘录Base case scenario, P/E-based valuation methodology, consistent with the rest of our con-sumer discretionary coverage. We use 23x 2026e P/E, which implies 0.77x PEG, lower than th…
研究对象有色金属
发布机构摩根士丹利
分析师Hildy Ling,Lillian Lou
发布日期2025-10-27
原始报告提供原始报告入口
机构观点归属摩根士丹利，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研究对象有色金属
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一致目标价样本不足近 180 天暂无有效目标价
研报摘要
摘要原文以原始报告为准
Base case scenario, P/E-based valuation methodology, consistent with the rest of our con-sumer discretionary coverage. We use 23x 2026e P/E, which implies 0.77x PEG, lower than the average for consumer stocks.
We think this is reasonable considered gold price volatility and macro weakness. In addition,considering that growth is likely to decelerate in 2026 on a higher comp base, we believe a lower-than-peers PEG assumption is reasonable.
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