The analyst rating for CHOW TAI FOOK was reiterated as Buy due to several key reasons: 1. Strong Consumer Demand: Management indicated that the fundamental demand for gold jewelry among consumers would remain robust, despite fluctuations in gold prices. This suggests a resilient market for their products. 2. Consumer Behavior: The management's comments were consistent with industry trends, indicating that consumers are likely to accelerate purchases during a rally in gold prices rather than waiting for potential price declines. 3. Increased Earnings Forecast: Daiwa raised its FY27 EPS forecast for CHOW TAI FOOK by 6%, reflecting expectations of enhanced sales in Hong Kong and Macau, driven by a widening retail price gap and sustained strength in gold prices. 4. Target Price Increase: The target price for the stock was lifted from HKD15.5 to HKD17, indicating a positive outlook on the company's future performance. These factors collectively support the Buy rating and the increased target price for CHOW TAI FOOK.

JPMorgan

maintain

$17

2026-01-23

Reason

JPMorgan

Price Target

$17

2026-01-23

maintain

Reason

The analyst rating for CHOW TAI FOOK (01929.HK) was kept at Overweight by JPMorgan due to several positive factors. The company's retail sales value (RSV) grew 18% year-over-year, surpassing forecasts. Additionally, improvements in product mix, channel optimization, higher gold prices, and effective cost control contributed to strong profit margins. Given the continuous rise in gold prices, JPMorgan sees further upside potential in the company's profit margin outlook, leading them to raise their earnings forecasts for 2026-2028 by 2-6% and increase the target price from $16.4 to $17.

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01929 Should I Buy

01929 Should I Buy

Should You Buy CHOW TAI FOOK (01929) Today? Analysis, Price Targets, and 2026 Outlook.

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