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<Research>CICC: CHOW TAI FOOK (01929.HK) Achieves Impressive Sales Performance, Positively Raises Full-yr Guidance
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CHOW TAI FOOK (01929.HK) announced its operational performance for 3FQ26 (October to December 2025), with an overall retail value increase of 18% YoY, CICC published a research report saying. Of which, same-store sales in mainland China for direct sales/ wholesale grew by 21%/ 26% YoY, while the Hong Kong and Macau market saw a 14% YoY incline in same-store sales. Considering the decent sales performance and the gold price situation, the Company raised its full-year guidance for FY2026, and lifted its revenue growth to a mid to low single-digit growth, with gross profit margin improving to 31.5-32.5%, and operating profit margin rising to nearly 20%. Furthermore, the Company expected the scale of gold lending losses to be roughly consistent with that in FY2025. Given the Company's favorable sales performance, CICC raised its FY2026/ FY2027 EPS forecasts for CHOW TAI FOOK by 3% to $0.9/ $0.96 each, with rating kept at Outperform. The broker correspondingly lifted its target price by 6% to $17.85, equivalent to a 20x PE ratio for FY2026, offering a 30% upside room. AASTOCKS Financial News Website: www.aastocks.com |
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