Glonghui, March 22 | Citibank published a research report stating that Chow Tai Fu's total retail sales value (RSV) for the fourth fiscal quarter ending the end of March this year declined in number of units, mainly due to the high base of business in mainland China, Hong Kong and Macau during the same period last year. According to Citi, management is still confident of achieving the goal of increasing revenue by more than ten percentage points and increasing core operating profit by more than 20% in fiscal year 2024. Considering that the gross margin forecast was lowered, the bank 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, maintaining a “buy” rating.