Core Viewpoint - Goldman Sachs reports that Luk Fook's same-store sales growth in mainland China reached 31% for the third quarter of the fiscal year ending in 2026, indicating a recovery to pre-pandemic levels [1] Group 1: Sales Performance - Same-store sales growth for self-operated stores in mainland China was 7%, accelerating from the previous quarter's 7% [1] - Same-store sales growth in the Hong Kong and Macau market increased from 11% to 16% [1] Group 2: Market Analysis - Compared to sales data released by the company in October to November of the previous year, Goldman Sachs notes a slowdown in growth for the latter half of the last fiscal quarter, although it remains in line with market expectations [1] - The report attributes this slowdown to a "gold rush" in mainland China last October and the impact of new tax measures leading to rising gold prices [1] Group 3: Future Outlook - Goldman Sachs emphasizes the need to monitor Luk Fook's sales resilience amid rising gold prices and relatively weak overall consumer spending [1] - The firm maintains a "neutral" rating with a target price of HKD 23, considering the high base during the Lunar New Year period [1]
大行评级｜高盛：维持六福“中性”评级，仍需观察其销售韧性