汇丰上调周大福目标价14.4%至16.7港元 维持买入评级

Group 1 - HSBC raised the target price for Chow Tai Fook (01929.HK) by 14.4% to HKD 16.7, maintaining a "Buy" rating due to adjustments in profit forecasts [1] - The forecast for Chow Tai Fook's earnings for the fiscal year 2025, excluding gold hedging losses, aligns with HSBC's expectations, leading to an anticipated early dividend payout [1] - HSBC increased its profit forecasts for Chow Tai Fook for the fiscal years 2026-27 by 5-13% due to improved profit margins [1] Group 2 - The report predicts a 49% year-on-year growth in earnings for the fiscal year 2026, with hedging losses decreasing from HKD 6.2 billion in fiscal year 2025 to HKD 2 billion, attributed to a slowdown in gold price appreciation [1] - The dividend forecast for Chow Tai Fook for fiscal year 2026 is expected to increase by 44% to HKD 0.75 per share, with a payout ratio of 85%, resulting in a current dividend yield of 6% [1]