机构：中银国际 研究员：Tony LI/Penny PENG CTFJ reported strong 3QFY26 (Oct – Dec 2025) sales as group retail sales value grew 17.8% YoY. While it reflects the Company has been minimally affected by the latest VAT adjustment on gold products, it also shows that CTFJ is able to lure more consumers with its refined product launches. While gold price hitting record high in 2026 may slow the momentum for 4QFY26, mgmt. is still confident on the performance, and hence revising the FY26 full year guidance upwards. Overall, we ...