Zhi Tong Cai Jing·2025-12-01 07:30Core Viewpoint - Chow Tai Fook's stock rose over 3%, with a current price of HKD 14.15 and a trading volume of HKD 1.83 billion, despite slightly lower sales and profit forecasts for the first half of fiscal year 2026 compared to market consensus [1] Group 1: Financial Performance - Chow Tai Fook reported a revenue of HKD 38.986 billion for the six months ending September 30, 2025, a decrease of 1.07% year-on-year [1] - The company's net profit attributable to shareholders was HKD 2.534 billion, reflecting a slight increase of 0.16% year-on-year [1] Group 2: Sales Growth and Guidance - The same-store sales growth guidance remains unchanged, with a projected sales increase of 3% and net profit growth of 40% for fiscal year 2026 [1] - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [1] - In Hong Kong and Macau, same-store sales rose by 4.4%, driven by improved retail sentiment and increased foot traffic [1] - Hong Kong's same-store sales increased by 1.8%, while Macau experienced a growth of 13.7% [1] Group 3: Analyst Recommendations - Citi raised Chow Tai Fook's 12-month target price from HKD 12 to HKD 13, maintaining a forward P/E ratio of 12 times [1] - The upcoming peak sales season, including New Year, Spring Festival, and Valentine's Day, is deemed crucial for the stock's performance [1]