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<Research>Macquarie Axes CHOW TAI FOOK TP to HKD12.9, Lowers Earnings Forecasts; Outperform Reiterated
Recommend 5 Positive 13 Negative 10 |
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CHOW TAI FOOK (01929.HK) expected revenue for FY2027 to record MSD-HSD growth, with SSSG in Mainland China/ Hong Kong/ Macau expected to range from HSD-LDD growth, respectively, Macquarie said in its report. The group expected gross margin for FY2027 to normalize to 26.5-27.5%, compared with 32.3% for FY2026. The broker believed the group’s operating margin guidance of 14% for FY2027, vs 20% in FY2026, implies upside. In response to gold price adjustments, the broker lowered its net profit forecasts for FY2027 and FY2028 by 10.6% and 11.9%, respectively. The TP was axed by 35% from HKD19 to HKD12.9, while the Outperform rating was maintained. In addition, a solid payout ratio of 70-80% should provide support. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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