CLSA: CHOW TAI FOOK (01929) Next Peak Season Sales Crucial for Share Price, Target Price Raised to HK$13

Stock News12-01

CLSA released a research report stating that CHOW TAI FOOK's (01929) sales and profits for the first half of FY2026 were slightly below market consensus. However, the company maintained its same-store sales growth guidance and raised its profitability outlook. The report forecasts a 3% year-on-year increase in sales and a 40% rise in net profit for FY2026, with gross and operating profit margins at 30.6% and 18%, respectively.

CLSA raised CHOW TAI FOOK's 12-month target price from HK$12 to HK$13, keeping the forward P/E ratio unchanged at 12x. The firm emphasized that the company's sales performance in the upcoming peak season—including New Year, Lunar New Year, and Valentine's Day—will be critical for its stock price.

Additionally, CLSA lifted its FY2026–FY2028 sales and net profit forecasts by 1%–2% and 8%, respectively, reflecting the improved guidance and mid-term prospects. However, the report cautioned that rising gold prices and intense competition in mainland China could cast uncertainty over CHOW TAI FOOK's same-store sales growth trajectory.

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