摩根大通升周大福目标价至17港元 续予“增持”评级

Core Viewpoint - Morgan Stanley's research report indicates that Chow Tai Fook (01929.HK) experienced an 18% year-on-year growth in retail value for the third fiscal quarter, exceeding expectations [1] Group 1: Financial Performance - The company's profit margin showed strong performance due to favorable factors such as product mix improvement, channel optimization, rising gold prices, and cost control [1] - Management has raised the guidance for the fiscal year 2026, reflecting confidence in future performance [1] Group 2: Future Outlook - Given the current upward trend in gold prices, Morgan Stanley believes that Chow Tai Fook's profit margin outlook has further potential for enhancement [1] - Earnings estimates for the years 2026 to 2028 have been revised upward by 2% to 6% [1] - The target price has been increased from HKD 16.4 to HKD 17, while maintaining a "buy" rating [1]