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<Research>HSBC Global Research Considers CTF Top Pick Among HK Retail as it Unaffected by Northbound Spending Spree
Recommend 7 Positive 14 Negative 6 |
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HSBC Global Research said in a report that based on changes in earnings forecasts for CHOW TAI FOOK (01929.HK), the broker maintained its long-term growth forecast of 6% and raised its return on equity estimates by 1.5%, which in turn increased its price-to-earnings (P/E) ratio target by 1.5% from 15.6x to 15.8x. The broker also elevated its EPS forecast by 1.1%. HSBC believed CTF would at least be able to grow in tandem with the Chinese market, with revenue from Hong Kong and Macau benefiting from the return of mainland tourists. HSBC considered CTF its top pick in the Hong Kong retail sector and maintained its target price of $14.6, with a Buy rating. AAStocks Financial News |
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