Citi: Maintains "hold" rating on CHOW TAI FOOK (01929) with a target price of HKD 7.5.

Citi Research released a report stating that it maintains a "hold" rating on CHOW TAI FOOK (01929), with a target price of 7.5 Hong Kong dollars. The management and investors are generally cautious about the prospects, with low visibility in the short-term due to fluctuations in gold prices and weak same-store sales. The report mentioned that the company will shift its focus to fixed-price gold and gem products, and aims to have fixed-price products account for over 14% of sales in the 2025 fiscal year. The company will also introduce some lower-priced products to cater to consumer budgets, as well as continue to close retail stores and review underperforming outlets.