Is Chow Tai Fook stock a buy after the Macquarie upgrade?

Sentiment improved as Macquarie set a HK$19.8 target and peers turned positive. At HK$14.12, it trades at 23.75x TTM earnings with a 3.82% yield. Upside depends on margins holding after Lunar New Year. We see a constructive setup, but watch inventory days, discounting, and gold price volatility.

What drove the Q3 same-store sales growth?

Demand recovered across regions, with Mainland China up 21.4% and Hong Kong/Macau up 14.3%. Higher gold prices lifted average ticket sizes, while mix improvements supported margins. Better traffic into the festive season and stable product availability also helped. The key is whether this pace can sustain beyond the holiday period.

How do gold prices affect the company’s earnings?

A firm gold price raises average ticket sizes and drives interest in gold jewelry, providing a revenue and margin lift. It can also pressure costs, but improved pricing and mix usually offset this. For earnings, sustained strength offers a tailwind, while sharp pullbacks could weigh on demand and pricing power.

What levels and dates should investors watch now?

Key levels are HK$13.80 support and HK$16.95 resistance. The 50-day average at HK$13.50 is another reference. Near-term catalysts include Lunar New Year trading updates, any broker estimate changes, and the next earnings date on 4 June 2026. Gold price trends remain a core driver to monitor.

Global Market Insights

1929.HK Stock Today, January 24: Macquarie Lifts Target to HK$19.8

ByHuzaifa Zahoor January 24, 2026January 24, 2026

Chow Tai Fook stock advanced on January 24 after Macquarie raised its price target to HK$19.8, citing stronger-than-expected Q3 and a gold price tailwind. Shares of 1929.HK closed at HK$14.12, up about 3%. Same-store sales rose 21.4% in Mainland China and 14.3% in Hong Kong and Macau, with momentum heading into Lunar New Year. Management noted tighter January discounting and higher marketing spend. We explain what this means for earnings power, valuation, and the next catalysts for Chow Tai Fook stock.