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CLSA issued a research report noting that CHOW TAI FOOK (01929) demonstrated resilience in its retail sales and same-store sales growth for the first quarter of the 2027 fiscal year ending June 30. The company's retail value in mainland China and Hong Kong/Macau increased by 10.7% and 44.8% year-on-year, respectively, while same-store sales growth reached 19.6% and 41.7%. However, foot traffic in stores slowed in July due to the impact of weather conditions and the World Cup events. CLSA maintains a "Hold" rating on CHOW TAI FOOK, with a target price of HKD 10.70.

The bank indicated that, unlike the previous year, gram-priced gold products outperformed fixed-price products during the period. It expects that if the gold price remains around USD 4,100 per ounce, the product mix may shift toward gram-priced items, which could impact the company's gross profit margin and operating profit margin. Nevertheless, supported by hedging gains, net profit is anticipated to remain stable.

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Editor: Lu Yujun