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<Research>CLSA: CHOW TAI FOOK (01929.HK) Posts Strong 3FQ26 Results, but Expects to Face Challenges During LNY; Rating Kept at Hold
Recommend 4 Positive 2 Negative 2 |
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CHOW TAI FOOK (01929.HK)'s 3FQ26 concluded strong, with same-store sales growth in mainland China/ Hong Kong & Macau increasing by 21.4%/ 14.3% YoY each, CLSA published a research report saying. The Company slightly adjusted its sales, same-store sales growth and profit margin guidance for FY2026. However, given the higher base, the Company predicted same-store sales during the Lunar New Year (LNY) to achieve low- to mid-single-digit YoY growth, and tightened January discounts to build momentum for February promotions, while increasing marketing expenditures. Based on earnings forecast adjustments, rolling-forward CHOW TAI FOOK's valuation and industry re-valuation driven by higher gold prices, CLSA added its target price from $13 to $14.2, adopting a higher 12-month forward PE ratio of 13x. Given the higher base, the broker also kept rating at Hold. AASTOCKS Financial News Website: www.aastocks.com |
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