Ge Long Hui·2025-12-09 08:45Core Viewpoint - Jefferies has updated its model for Chow Tai Fook following the release of its half-year results for the fiscal year ending September 2026, reflecting hedge losses for the second half of the fiscal year ending March 2026 and adopting more conservative assumptions for sales growth and profit margins for fiscal years 2027 and 2028 [1] Group 1 - Jefferies has lowered its profit forecasts for Chow Tai Fook for the fiscal years 2026, 2027, and 2028 by 8%, 11%, and 11% respectively [1] - Sales forecasts for the same periods have been reduced by 5%, 5%, and 6%, primarily due to downward adjustments in sales predictions and gross margin estimates [1] - The target price for Chow Tai Fook has been revised down from HKD 18.5 to HKD 17, which corresponds to price-to-earnings ratios of 20 times and 19 times for the fiscal years 2026 and 2027 respectively [1]