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<Research>HTSC Lifts CHOW TAI FOOK (01929.HK) TP to $19.4 as Same-Store Sales Growth Fully Turns Positive
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CHOW TAI FOOK (01929.HK) announced its operating data for 2FQ26 (July-September), with the Group's retail sales increasing by 4.1% YoY, according to Huatai Securities' research report. Of which, sales in mainland China/ Hong Kong and Macau and other markets grew by 3%/ 11.4% YoY respectively.

During the quarter, same-store sales growth across different regions and product categories turned positive comprehensively, mainly due to strong sales performance of pricing products such as gold and gold inlays, coupled with a low base effect.

Related NewsUBS Raises CHOW TAI FOOK's TP to HKD18.35, Rating Buy
Given CHOW TAI FOOK's leading position in the industry, the ongoing improvement in same-store sales and earnings quality increase expected on channel adjustments, the broker projected FY2026 PE ratio to be 24x, and lifted its target price to $19.4 from $16, based on a FY2026 PE ratio of 21x, with rating kept at Buy.
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