大和：升周大福目标价至17港元 重申“买入”评级

Core Viewpoint - Daiwa's report indicates that despite recent fluctuations in gold prices, consumer demand for gold jewelry remains strong, with consumers more inclined to purchase during price increases rather than waiting for price corrections [1] Group 1: Company Insights - After meeting with Chow Tai Fook's management, Daiwa raised the target price from HKD 15.5 to HKD 17, maintaining a "Buy" rating [1] - Chow Tai Fook plans to increase the prices of gold jewelry after the Lunar New Year, with a confirmed price increase of at least 15% [1] - The opening of a new flagship store in Guangdong marks the largest store in Hong Kong, indicating ongoing progress in the company's brand upgrade plan [1] Group 2: Industry Trends - The anticipated price increase aligns with industry expectations for post-holiday re-pricing [1] - The upcoming Valentine's Day coinciding with a long holiday weekend is expected to boost gifting demand and store traffic [1] - Daiwa has adjusted its earnings forecast for Chow Tai Fook for the fiscal year 2027 upwards by 6%, driven by enhanced sales in Hong Kong/Macau due to widening retail price gaps and sustained strong gold prices [1]