Glonghui, January 15 | Daiwa published a research report showing that Chow Tai Fook's total retail sales value (RSV) for the third fiscal quarter increased 46% year-on-year, same-store sales in mainland China increased 23% year-on-year, and same-store sales in Hong Kong, Macao and other regions increased 67%, which is generally in line with the forecast, but the number of additional retail outlets was lower than expected. The bank said that Chow Tai ?$#@$ maintained its FY2024 guidelines, adding 300 to 400 net retail locations. In addition, RSV had medium unit growth, and the profit margin on core operations increased by 50 to 80 basis points. However, the bank believes that in the face of unstable macroeconomic sentiment, the group will face challenges in achieving its goals, but believes that share repurchases will enhance shareholders' confidence. The bank lowered the Group's earnings estimate per share for the 2024-2026 fiscal year by 3 to 4% to reflect a more cautious forecast of its additional retail outlets and same-store sales growth, and reiterated its “buy” rating. The target price was lowered from HK$17.4 to HK$14.