Ge Long Hui·2025-11-27 02:42Core Viewpoint - Daiwa's report indicates that Chow Tai Fook's performance for the first half of the fiscal year ending September 2026 fell 2% to 3% below market expectations, but the report suggests that positive factors outweigh negative ones [1] Financial Performance - Chow Tai Fook's revenue and net profit for the first half of the fiscal year ending September 2026 were lower than market expectations by 2% to 3% [1] - The company has increased its dividend payout ratio and per-share dividend, which reflects a positive outlook [1] Earnings Guidance - Chow Tai Fook has raised its earnings guidance for the second half of the fiscal year 2026, although Daiwa considers this guidance to be conservative [1] Earnings Forecast - Based on revised profit margin forecasts, Daiwa has raised Chow Tai Fook's earnings per share estimates for the fiscal years 2026 to 2028 by 2% to 5% [1] Target Price - Daiwa has increased the 12-month target price for Chow Tai Fook from HKD 15.5 to HKD 18 and maintains a "Buy" rating [1]