Goldman Sachs: Maintains Chow Tai Fook's target price at HK$10.5 and 'Neutral' rating

Gold Ten data, July 24th, although Chow Tai Fook (01929.HK) announced that the retail value of the first quarter ended June this year fell by 20%, and the same-store sales in Hong Kong and Macau fell by 31%, Goldman Sachs still maintains a target price of HK$10.5 for Chow Tai Fook in the next 12 months and a 'neutral' investment rating. Goldman Sachs explained that Chow Tai Fook has a complete brand leadership position, product development capabilities, and scale, so it is optimistic about its ability to increase market share and improve profit margins. The bank pointed out that it is waiting for the results of Chow Tai Fook's optimization of its store network and brand upgrade initiatives for more constructive development.