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<Research>BOCI Reiterates Buy on CHOW TAI FOOK, FY26 Guidance Likely Achievable
Recommend 6 Positive 3 Negative 9 |
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CHOW TAI FOOK (01929.HK) delivered mixed results for 4FQ, BOCI said in its research report. Dragged down by an 8.2% decline in retail sales in the Mainland China market, the company's overall retail sales fell by 1.5% YoY. In addition, demand for gold products by weight remained weak, as consumers largely adopted a wait-and-see attitude because of gold price volatility. On the bright side, the price differential arising from adjustments to China's value-added tax policy boosted store traffic markedly in Hong Kong and Macau. CHOW TAI FOOK's management confirmed all core guidance targets for FY26 are achievable. Such a confirmation should alleviate market concerns. Following the recent share price pullback, BOCI reiterated a Buy rating on the company, with a target price of HKD18.1. Auto-translated by AI AASTOCKS Financial News |
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