＜Research＞BOCI: CHOW TAI FOOK (01929.HK) Has Limited Downside; Rating Hold Kept

　　CHOW TAI FOOK (01929.HK) -0.530 (-6.700%) Short selling $31.64M; Ratio 33.045% reported a 20% YoY decline in retail sales in the first financial quarter ended June as weakening consumer sentiment and volatile gold prices weighed on demand, BOCI released a research report saying.

　　BOCI expected the weakness to continue into July and beyond. Unless a more favorable macro catalyst emerges in 2HFY2025, FY2025 is expected to be a challenging year for CHOW TAI FOOK, with limited earnings visibility.

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　　Nevertheless, BOCI still forecasted CHOW TAI FOOK to continue to outperform the industry with its unique product mix and new product lines, and kept rating at Hold with a target price of $8.4, based on the limited downside for valuation at current price.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-24 12:25.)

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