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<Research>Macquarie Lowers CHOW TAI FOOK's TP to HKD14.1, Envisions Robust Earnings Growth in FY26
CHOW TAI FOOK (01929.HK) targets low- to mid-single-digit revenue growth and mid-single digit YoY growth in same-store sales for FY26, according to Macquarie's research report....
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<Research>Macquarie Lowers CHOW TAI FOOK's TP to HKD14.1, Envisions Robust Earnings Growth in FY26
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CHOW TAI FOOK (01929.HK)  +0.660 (+5.375%)    Short selling $399.42M; Ratio 46.951%   targets low- to mid-single-digit revenue growth and mid-single digit YoY growth in same-store sales for FY26, according to Macquarie's research report.

Due to gold price fluctuations, CHOW TAI FOOK's management also predicted the FY26 GPM to decline by 80-130 bps YoY and the operating profit margin to drop by 60-100 bps.

Related NewsBofAS Elevates CHOW TAI FOOK's TP to HKD15.4; Rating Reiterated Buy
In Macquarie's estimates, the recovery in gold demand and improved efficiency will significantly boost CHOW TAI FOOK's earnings growth in FY26. It expected the company's FY26-27 adjusted earnings to hit HKD9.4 billion/ HKD10.4 billion, up over 59%/ 10.6% YoY.

After factoring in gold price volatility and management's full-year guidance, however, Macquarie decided to cut its FY26-27 net profit forecasts for CHOW TAI FOOK by 1.6% and 1.9%. It lowered its target price for the company by 1.4% to HKD14.1, with a rating of Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-13 16:25.)

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