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<Research>BofAS Elevates CHOW TAI FOOK's TP to HKD15.4; Rating Reiterated Buy
Recommend 8 Positive 9 Negative 7 |
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According to a research report from BofA Securities, CHOW TAI FOOK (01929.HK) recorded a 9% YoY decline in net profit to HKD5.9 billion for FY25 ended March 2025, in line with the broker's expectations. Meanwhile, the company's revenue of HKD89 billion exceeded BofA Securities' expectations by 1%, but its GPM and operating profit margin fell short as escalating gold prices resulted in a worse-than-expected profit margin. CHOW TAI FOOK's same-store sales growth in Mainland China and Hong Kong for April to May were -2.7% and +1.3%, respectively, which showed improvement from the March quarter's -13% and -23%. Believing that the continuous improvement in key operational indicators could support a stock re-rating, BofA Securities raised its target price for CHOW TAI FOOK by 12% to HKD15.4 and reiterated the Buy rating. AAStocks Financial News |
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