Morgan Stanley reiterates Chow Tai Fook's

Source: Securities Times

Morgan Stanley reiterated Chow Tai Fook's "overweight" rating with a target price of HK$10.5. The report pointed out that the narrowing of same-store sales in Chow Tai Fook last quarter was in line with expectations, and the improvement of operating quality, optimization of product portfolio, improved store productivity and expanded profit margins offset the impact of rising store closure rates. It is expected that revenue in fiscal year 2025 meets the guidelines, and gross profit margin and operating profit margin will exceed expectations; net store closures in fiscal year 2026 may decrease; and the annual compound growth rate of earnings per share from fiscal year 2025 to 2027 is about 20%.


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