Citi: Maintain a "buy" rating on CHOW TAI FOOK (01929) with a target price of 9.9 Hong Kong dollars. Keep a positive watch on potential catalysts over the next 30 days.

Citi released a research report saying it maintains a "buy" rating for CHOW TAI FOOK (01929) with a target price of 9.9 Hong Kong dollars, and will conduct a 30-day positive catalytic observation on it. The bank said that the revenue scale and profit situation of CHOW TAI FOOK's fixed-price gold products match that of LAOPU GOLD (06181), but its market value lags behind LAOPU GOLD by 13%, which means the valuation of CHOW TAI FOOK's other businesses needs to be reassessed. Citi pointed out that the year-on-year sales decline of CHOW TAI FOOK same-store sales in January and February has continued to narrow, and it is expected that the same-store sales trend will stabilize in March under the low base effect. As the price of gold falls from its high, it is expected that the potential demand for weight-based gold jewelry products will be released. In addition, although the trend of net store closures is expected to continue in the 2026 fiscal year, it is not expected to become a new negative factor.