Zhi Tong Cai Jing·2026-01-22 09:40Group 1 - Macquarie has raised the target price for Chow Tai Fook (01929) by 5.9%, from HKD 18.7 to HKD 19.8, based on a 15x P/E ratio for the fiscal year 2027, maintaining an outperform rating [1] - Same-store sales growth for Chow Tai Fook's self-operated and franchised stores in mainland China increased from 7.6% and 8.6% in Q2 2026 to 21.4% and 26.3% in Q3 2026, while same-store sales growth in Hong Kong and Macau rose from 6.2% to 14.3% [1] - The management expects lower to mid-single-digit growth in same-store sales for the upcoming Lunar New Year due to a high base effect, and has revised the full-year revenue and same-store sales growth guidance from low single-digit and mid-single-digit to low mid-single-digit and mid-high single-digit [1] Group 2 - Macquarie has adjusted Chow Tai Fook's net profit forecasts for the fiscal years 2026 to 2028 upwards by 3.6%, 6%, and 4.5% respectively, while revenue forecasts have been slightly increased by 0.8%, 0.9%, and 0.9% [1] - Gross margin estimates have been raised by 1 percentage point, 0.9 percentage points, and 0.6 percentage points for the same fiscal years, and EBITDA margin forecasts have been adjusted up by 0.3 percentage points, 0.9 percentage points, and 0.6 percentage points [1]