Guangfa Securities: Initiate coverage on Chow Tai Fook (01929) with a "buy" rating, target price of HK$19.99.

According to the wisdom of the financial APP, GF Securities released a research report stating that it is expected that Zhou Dafu (01929) will achieve a net profit attributable to the mother of 79.9, 90.26, and 98.18 billion Hong Kong dollars in the fiscal years 2026-2028, with a year-on-year growth of 35.0%, 13.0%, and 8.8%, respectively. Referring to the valuation of comparable companies, a PE ratio of 25 times for the company in the fiscal year 2026 is given, corresponding to a fair value of 19.99 Hong Kong dollars/share, and a "buy" rating is given.