智通财经网·2025-10-22 06:21Group 1 - UBS has raised the target price for Chow Tai Fook (01929) from HKD 16 to HKD 18.35, implying a price-to-earnings ratio of 24 times for the fiscal year 2026 and 18 times for 2027, maintaining a "Buy" rating [1] - For the second fiscal quarter of 2026 (July to September), Chow Tai Fook's sales increased by 4.1% year-on-year, with domestic and international growth rates of 3% and 11.4% respectively, aligning with UBS's expectations [1] - Same-store sales growth in mainland China retail stores, franchised stores, and other markets was 7.6%, 8.6%, and 6.2% respectively, indicating positive performance [1] Group 2 - Management noted that sales growth during the Golden Week holiday slightly outperformed industry data, with an observed improvement in consumer sentiment [1] - Due to the upward trend in gold prices, the gross margin and operating profit margin for the first half of the year exceeded previous expectations, although this benefit was offset by increased losses from gold loans [1] - UBS has adjusted Chow Tai Fook's earnings before interest and taxes (EBIT) per share forecast for fiscal year 2026 upwards by 8%, considering improved gross margins driven by pricing products and a lower share count, while also raising the earnings forecast for fiscal years 2027 to 2028 by 1% to 2% [1]