＜Research＞Citi Trims CHOW TAI FOOK (01929.HK) TP to $11.4 as 1FQ25 Sales Weaker than Expected

　　CHOW TAI FOOK (01929.HK) -0.460 (-5.815%) Short selling $7.15M; Ratio 18.703% 's 1FQ25 retail sales value dropped 20% YoY, worse than expectations, as demand dampened by historical high gold price and weak macro-economy, Citi Research issued a research report saying.

　　Citi Research's sensitivity test suggests that CHOW TAI FOOK's FY2025 core earnings/ revenue will decline by 5-23%/ 10-20%, corresponding to a PE ratio of 9.6x-11.8x, compared to the historical low of 9-10x.

　　Citi Research expected the stock to face pressure in the near term. However, given the attractive valuation, the broker kept rating at Buy, and trimmed its target price from $14.2 to $11.4.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-23 16:25.)