CLSA has released a research report stating that CHOW TAI FOOK (01929) demonstrated resilience in its retail sales and same-store sales growth for the first quarter of fiscal year 2027, ending June 30 this year. In the Mainland China and Hong Kong-Macau markets, retail values increased by 10.7% and 44.8% year-on-year, respectively, while same-store sales growth stood at 19.6% and 41.7%, respectively. However, in July, foot traffic slowed due to weather conditions and the World Cup event.

CLSA maintains a "Hold" rating for CHOW TAI FOOK, with a target price of HK$10.7. The firm highlighted that, unlike the previous year, gold products priced by grammage outperformed fixed-price products during the period. It anticipates that if gold prices remain around US$4,100 per ounce, the product mix may shift toward grammage-based gold products, potentially impacting the company's gross profit margin and operating profit margin. However, supported by hedging gains, net profit is expected to remain unchanged.