Core Viewpoint - The report from DBS indicates that Luk Fook Holdings (00590) has had a strong start this year, continuing the growth momentum from the end of last year, and is entering 2026 with a robust outlook [1] Group 1: Sales Performance - The sales performance in Hong Kong and Macau stores has been strong, supported by favorable base figures and increased consumer spending from mainland tourists [1] - Despite facing a high base in the mainland market, healthy demand is still being maintained [1] Group 2: Management Outlook - Management is optimistic about the outlook for February this year, driven by strong performance in gold jewelry consumption and ongoing optimization of fixed-price products [1] - The gross margin is expected to reach new highs in the second half of this year [1] Group 3: Investment Rating and Price Target - The rating for Luk Fook Holdings is set at "Buy," with the target price raised from HKD 33.87 to HKD 36.74 [1] Group 4: Key Growth Factors - Key positive factors for the group include high gold prices, strong tourism demand, and a higher business proportion in Hong Kong and Macau compared to peers, which provides pricing advantages [1] - In the medium to long term, store structure optimization and accelerated expansion in Southeast Asia and Europe are expected to increase the contribution of overseas business from the current 9% to between 10% and 15% [1] Group 5: Profit Forecast Adjustments - Earnings forecasts for this year and next year have been raised by 5% to 8% [1] - The gross margin forecasts for this year and next year have been adjusted upward by 0.5 and 0.25 percentage points, reaching 35.1% and 35.6% respectively, primarily based on strong gold demand and rising gold prices [1]
星展：六福集团(00590)今年开局强劲 升目标价至36.74港元