UBS: Raises Chow Tai Fook target price to HKD 18.35, rating "Buy"
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UBS raised the target price for CHOW TAI FOOK to HKD 18.35, with a rating of "Buy." Management stated that sales growth during the Golden Week holiday slightly outperformed industry data, and consumer sentiment has improved. Sales in the second quarter of fiscal year 2026 increased by 4.1% year-on-year, with domestic growth of 3% and international growth of 11.4%. Due to rising gold prices, gross margin and operating profit margin in the first half of the year exceeded expectations, but gold loan losses offset some of the benefits. UBS raised its earnings before interest and taxes per share forecast for fiscal year 2026 by 8%
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