The Zhitong Finance App learned that Citi released a research report stating that it maintained Chow Tai Fook's (01929) “buy” rating and lowered Chow Tai Fook's net profit forecast for the 2024-2026 fiscal year by 2% to 5%, and the target price was lowered from HK$15 to HK$14.2.

According to the report, the company's total retail sales value (RSV) for the fourth fiscal quarter ending the end of March this year is expected to achieve a year-on-year decline in units, mainly due to the high base of business in mainland China, Hong Kong and Macao during the same period last year. Management is still confident of achieving the goal of revenue growth of more than ten percentage points and core operating profit growth of more than 20% in fiscal year 2024.