Daiwa Securities: Raises Zhou Dafu (01929.HK) target price to 14 Hong Kong dollars with a "hold" rating.

According to the financial news app, Morgan Stanley released a research report stating that it has raised the target price of Chow Tai Fook (01929.HK) from 13 Hong Kong dollars to 14 Hong Kong dollars, an increase of 7.7%, with an investment rating of "Hold". Morgan Stanley increased its revenue forecast for Chow Tai Fook for the fiscal years 2026 and 2027 by 6%, reflecting the good revenue performance in 2025 and continued demand recovery. The bank also raised its profit forecast for the fiscal years 2026 and 2027 by 1% and 4% respectively. However, as the price of gold stabilizes, the normalization of profit margins will partially offset the better revenue growth. After raising Chow Tai Fook, Morgan Stanley also raised the target price-earnings ratio to 17 times (previously 16 times), consistent with the average since 2016. The bank's optimistic and pessimistic forecasts for Chow Tai Fook remain unchanged.