Daiwa: Chow Tai Fook (01929.HK) retail sales data in line with expectations, reiterates "buy" rating, target price of 10.5 Hong Kong dollars.

According to the Wisdom Financial APP, Morgan Stanley released a research report stating that Chow Tai Fook (01929.HK) saw a narrower decline in same-store sales in the last quarter, in line with expectations. The group's operational quality has improved, its product mix is better, store productivity has increased, and profit margins have expanded, offsetting the drag from the closure rate. The bank reiterated a "hold" rating on the group with a target price of 10.5 Hong Kong dollars.