Prada's Hong Kong shares fall after results; broker sees price as expensive

Prada SpA

05/03/2025 02:31

** Hong Kong shares of Italian luxury group Prada 1913.HK fall as much as 8.9% to HK$62.25, their lowest since February 11

** Stock last down 6%, on course for the biggest one-day pct drop since November 2023

** Prada on Tuesday reported a 21% growth in operating profit last year, in line with analysts' forecasts

** CEO indicated on Tuesday Prada was at least looking at potential mergers and acquisitions following reports linking it with possible deals for fellow luxury brands Versace and Jimmy Choo

** Frankfurt-listed stock 1913.F gained 1.7% on Tuesday

** "The shares look expensive at current levels," Morningstar wrote in a research note, adding it maintains fair value estimate for Prada as the company reported strong revenue and profit growth in 2024, largely in line with expectations

** Hang Seng Commerce & Industry Index .HSNC rises 1.8%, Hang Seng Index .HSI gains 1.6%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))