摩根士丹利指，老铺黄金(06181.HK) 品牌力量及执行力强劲，下半年增长展望稳固，但基于公司在内地扩张放缓，市场应开始把焦点转至公司资本管理及明年增长展望。该行又指，公司海外扩张潜力明显，但执行将为关键，又指公司以中国文化传承著名，将需更多消费者教育，过度本土化或影响品牌形象。
该行亦指，公司股价自7月初高位跌31%，考虑到股价波动性及短期获利风险，估值仍未足够吸引。该股自去年6月上市以来已升19倍，今年亦累升2.11倍。该行认为市场或集中于中期增长能见度，在宏观趋势及公司策略上比较不清晰。
该行上调对公司今年至2027年每股盈利预测0%至2%，目标价则由1,055元降至925元，相当于明年预测市盈率22倍，反映每股盈利增长由今年预测的逾2.45倍降至明年的30%，以及较低的每股盈利增长能见度，评级维持“与大市同步”。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。)
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