Lyon: Raise Zhou Dafu (01929) same-store sales growth forecast for 2026 fiscal year and raise target price to 12 Hong Kong dollars, maintain "hold" rating.

Zhito Financial APP learned that Lyon released a research report stating that based on higher profit forecasts and target P/E multiples, the target price of Chow Tai Fook (01929) has been raised from HK$9 to HK$12, implying a forecast P/E ratio of 15 times for the 2026 fiscal year; Maintain a "hold" rating. Due to Chow Tai Fook's weaker performance in June compared to May, same-store sales growth (SSSG) for the first quarter of the 2026 fiscal year in mainland China was slightly lower than expected. Same-store sales growth in mainland China, Hong Kong, and Macau decreased by 3%, increased by 2% respectively.