Ge Long Hui·2026-01-22 08:44Core Viewpoint - Macquarie's report indicates significant growth in same-store sales for Chow Tai Fook's self-operated and franchised stores, with projections for future sales growth adjustments due to high base effects [1] Group 1: Sales Performance - Same-store sales growth for Chow Tai Fook's self-operated stores increased from 7.6% and 8.6% in Q2 of FY2026 to 21.4% and 26.3% in Q3 [1] - Same-store sales growth in Hong Kong and Macau rose from 6.2% to 14.3% [1] Group 2: Future Projections - Management expects same-store sales during the upcoming Lunar New Year to record low to mid-single-digit growth due to a high base effect [1] - Full-year revenue and same-store sales growth guidance has been raised from low single-digit and mid-single-digit to low mid-single-digit and mid-high single-digit [1] Group 3: Profit and Revenue Forecasts - Macquarie has raised Chow Tai Fook's net profit forecasts for FY2026 to FY2028 by 3.6%, 6%, and 4.5% respectively, due to favorable product mix, rising gold prices, and operational leverage [1] - Revenue forecasts have been slightly adjusted upwards by 0.8%, 0.9%, and 0.9% for the same periods [1] Group 4: Target Price Adjustment - Based on a 15 times forecasted price-to-earnings ratio for FY2027, Macquarie has increased the target price from HKD 18.7 to HKD 19.8, maintaining an "outperform" rating [1]