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<Research>CICC Lowers CHOW TAI FOOK's TP to HKD15.86, Still Confident in FY27 Outlook
Recommend 2 Positive 1 Negative 4 |
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CHOW TAI FOOK (01929.HK) has released its operating performance for 4QFY26 ended March, which shows a mild YoY drop of 1.5% in overall retail sales value, according to a CICC research report. Specifically, same-store sales in mainland China's directly operated stores and wholesale segment increased by 0.2% YoY and decreased by 5.8% YoY, respectively, while same-store sales in Hong Kong and Macau grew by 40% YoY. Management expects a narrower net store closure scale in mainland China in FY27, the Hong Kong and Macau market supported by improved customer traffic and demand, and solid growth in FY27. CICC has kept its 2026-27 EPS forecasts for CHOW TAI FOOK at HKD0.90 and HKD0.96, respectively, and introduced an FY28 EPS forecast of HKD1.02. CHOW TAI FOOK's rating remains Outperform, but its target price has fallen by 11% to HKD15.86. Auto-translated by AI AASTOCKS Financial News |
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