Financial Performance: CHOW TAI FOOK reported a steady recovery in its 1H26 results, with revenue of $38.986 billion, remaining largely flat year-on-year, and an operating profit growth of 0.7% to $6.823 billion, achieving a nearly five-year high in operating profit margin at 17.5%.
Net Profit and Losses: After accounting for a significant loss of $3.143 billion from gold loan contracts, the net profit attributable to the parent company was $2.534 billion, which was also largely flat compared to the previous year.
Analyst Ratings: CICC has lowered CHOW TAI FOOK's target price to $16.89, citing price adjustments that have positively impacted profit performance.
Future Projections: Northeast Securities forecasts net profits for CHOW TAI FOOK to grow to RMB7.57 billion, RMB8.61 billion, and RMB9.73 billion from 2026 to 2028, with corresponding PE ratios of 15.1x, 13.3x, and 11.8x, and has initiated coverage with a Buy rating.
Wall Street analysts forecast 01929 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 01929 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
Wall Street analysts forecast 01929 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 01929 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
0 Hold
0 Sell
Current: 13.590
Low
Averages
High
Current: 13.590
Low
Averages
High
Citi
Buy
maintain
$17
Al Analysis
2026-01-05
Reason
Citi
Price Target
$17
Al Analysis
2026-01-05
maintain
Buy
Reason
The analyst rating from Citi on CHOW TAI FOOK (01929.HK) is based on the anticipation of strong operating results for the third quarter of FY26, expected to be announced in January. The firm expects the company to raise its same-store sales growth guidance due to robust performance in October and November, along with a favorable outlook for December driven by rising fixed-price gold product prices. Consequently, Citi has maintained a Buy rating and increased its target price from HKD17 to HKD18.2, reflecting an improved earnings forecast.
Northeast Securities
Northeast Securities
initiated
2025-12-29
Reason
Northeast Securities
Northeast Securities
Price Target
2025-12-29
initiated
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is initiated as a "Buy" by Northeast Securities due to the company's steady recovery in its 1H26 results, which showed a largely flat revenue of $38.986 billion compared to the same period last year. The improvement in the expense ratio led to a year-over-year growth in operating profit of 0.7%, reaching a nearly five-year high operating profit margin of 17.5%. Additionally, the forecasted net profit attributable to the parent company for 2026-2028 shows a positive trend, with corresponding price-to-earnings (PE) ratios indicating potential for growth.
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CICC
CICC
Outperform
downgrade
2025-12-22
Reason
CICC
CICC
Price Target
2025-12-22
downgrade
Outperform
Reason
The analyst rating for CHOW TAI FOOK was maintained at "Outperform" by CICC due to several factors. The report highlighted that the company adjusted the prices of its fixed-price gold products, with increases between 4% and 16%, which is seen as a positive move against the backdrop of rising gold prices. This adjustment is expected to enhance CHOW TAI FOOK's premium brand image and ensure better product profitability amid smooth cost fluctuations. Additionally, CICC expressed optimism about the company's brand strength enhancement and channel optimization, despite lowering its target price by 13% to $16.89 due to industry valuation fluctuations.
Jefferies
Jefferies
Buy
downgrade
$17
2025-12-09
Reason
Jefferies
Jefferies
Price Target
$17
2025-12-09
downgrade
Buy
Reason
The analyst rating from Jefferies for CHOW TAI FOOK was maintained at "Buy" despite lowering its target price from $18.5 to $17. This decision was influenced by a more conservative outlook on sales growth and profit margins for FY2027 and FY2028, leading to a reduction in net profit forecasts by 8%, 11%, and 11% for FY2026-2028, as well as sales forecasts by 5%, 5%, and 6% for the same period. The rating reflects the broker's view of potential upside despite the adjustments made to their financial projections.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
