We maintain our HOLD call with TP of US$150. We maintain our HOLD call with TP of US$150. We maintain our HOLD call for EL as we expect its near-term performance might still be affected by ongoing challenges in Asia travel retail and mainland China, as well as escalating macroeconomic volatility and geopolitical tensions in the Middle East. However, we remain constructive about the company's long-term profitability outlook, particularly with the implementation of its Profit Recovery Plan. Furthermore, we foresee an improvement in sales trends in the coming quarters as EL endeavors to regain market share through accelerated innovation, enhanced digital presence, a refined channel mix, and an optimized supply chain. Our TP of US$150 is based on a 36x FYE Jun 25F PE, aligning with its five-year historical mean PE.