CJEWY CHOW TAI FOOK JEWE
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CHOW TAI FOOK JEWE News
Express News | The Hong Kong SAR Government has approved the sale of the equity of the Sports Park in Kai Tak by New World Development.
Chow Tai Fook closed 239 stores in six months, and the soaring gold prices could not prevent the decline in performance.
The rise in gold prices is more due to safe-haven and investment demand, rather than consumer demand. In this situation, what will chow tai fooks use as leverage?
Chow Tai Fook (1929.HK): Income under pressure due to fluctuations in gold prices, while operating profit increased by 4%.
Event: The company released the FY2025 H1 interim report, achieving revenue of 39.408 billion HKD, down 20.4% year-on-year, down 20% at constant exchange rates, gross profit of 12.378 billion HKD, up 0.5%, selling and administrative expenses.
Citi: Maintains luk fook hold 'buy' rating, target price lowered to 17 HKD.
Citi published a research report stating that luk fook hold (00590) has lowered its sales and profit margin forecasts after announcing its results for the first half of 2025, resulting in a target price reduction of 23.4%, from 22.2 Hong Kong dollars to 17 Hong Kong dollars, but maintains a "buy" rating. Citi analysts pointed out that luk fook's mid-term net profit decreased by 56%, which is consistent with previous announcements. Management expects that, due to entering the peak sales season and a low base, as well as a slowdown in store closures in mainland china, the group's sales and profit margin performance in the second half of 2025 will improve. Citi believes that luk fook currently has an attractive valuation, with a forecast pe of 9 times, and a dividend yield.
[Brokerage Focus] CMBC International cuts chow tai fook (01929) target price by 31% to HK$10, expecting the fair value loss of gold loans to continue in the second half of the year.
Jinwu Financial News | Zhaoyin International stated that Chow Tai Fook (01929) announced its interim performance, with revenue decreasing by 20.4% year-on-year, in line with market expectations. Net income fell by 44.4% year-on-year, which is 20% lower than consensus expectations, primarily due to weak consumer sentiment and fair value losses on gold loans caused by rising gold prices. The company also announced a share buyback plan of up to 2 billion HKD in addition to a dividend of 0.2 HKD per share. The company expects revenue for FY25E to see a mid-teens percentage decline, as the increase in gross margin will be partially offset by an increase in SG&A expense ratio, impacting operating profit.
Big rating update | CMB International: Lower Chow Tai Fook's target price to HK$10, continued pressure in the second half of the fiscal year.
November 28th, Guolanghui | CICC released research reports indicating that Chow Tai Fook's first-half fiscal year revenue fell by 20% year-on-year, in line with market expectations. The mid-term net income declined by 44% year-on-year, 20% lower than the market's general expectations, believed to be due to weak consumer sentiment and fair value losses on gold loans caused by the rise in gold prices. Considering that consumer sentiment may remain weak and gold prices may continue to fluctuate, CICC believes that Chow Tai Fook will continue to be under pressure in the second half of the fiscal year. Therefore, future profit forecasts are revised downward by 20% to 30%, with net income expected to decline by 23.3% and increase by 28.1% year-on-year for the fiscal years 2025 to 2027.
[Brokerage Focus] HTSC cuts chow tai fook (01929) target price by 17.2% due to sales performance affected by high gold prices volatility.
Kinwu Finance News | HTSC issued a research report stating that Chow Tai Fook (01929) announced its interim performance (April-September 2024): FY25H1 revenue of 39.41 billion Hong Kong dollars, -20.4% year-on-year; operating profit of 6.78 billion Hong Kong dollars, +4.0% year-on-year; operating profit margin increased by +4 percentage points to 17.2% year-on-year; net income of 2.53 billion Hong Kong dollars, -44.4% year-on-year, mainly due to significant fluctuations in gold prices leading to a loss of 3.065 billion Hong Kong dollars in the company's gold borrowing. The company announced an interim dividend of 0.2 Hong Kong dollars per share and plans to repurchase shares with up to 2 billion Hong Kong dollars, demonstrating the company's commitment to long-term development.
Express News | gtja: Maintain chow tai fook "shareholding" rating, target price reduced to HKD 8.58.
John Lee Ka-chiu: There will be news soon about the resumption of arrangements such as "multiple entries with one visa" in Shenzhen.
Chief Executive John Lee Ka-chiu expressed gratitude to the central government departments for actively studying the restoration of the "One Signature Multiple Visits" and expanding the pilot cities for "One Visit Per Week" personal travel. He believes that there will be news soon, and the SAR government will fully cooperate. In addition, he mentioned that this week, he led a delegation of officials and business representatives to attend the "Guangdong-Hong Kong Deepening Economic and Trade Investment Cooperation Exchange Conference", where companies from both regions signed 126 contracts worth over 100 billion RMB. He is confident that Hong Kong and various Bay Area cities can continue to promote broader and higher-level cooperation.
CHOW TAI FOOK(1929.HK):1H EARNINGS MISSED 2H STILL UNDER PRESSURE
Hong Kong stocks fluctuate | Chow Tai Fook (01929) fell more than 3%, Citigroup points out that there is still uncertainty in its demand recovery prospects.
Chow tai fook (01929) fell over 3%. As of the time of writing, it has dropped 3.41%, trading at 7.08 Hong Kong dollars, with a transaction value of 33.904 million Hong Kong dollars.
Citi raised chow tai fook's (01929.HK) target price to 9.9 yuan, adjusting profit forecast.
Citi released research reports stating that the revenue forecast for chow tai fook (01929.HK) for the fiscal years 2025 to 2027 remains unchanged; the net profit forecast is raised by 6% to 12%. The target price is also raised from 9.4 yuan to 9.9 yuan, equivalent to forecasted P/E ratio and earnings yield of 14 times and 5.3% for the fiscal year 2025, respectively, giving it a 'buy' rating. (js/w)~
Chow Tai Fook (1929.HK): Gold price fluctuations still under pressure, repurchase boosts long-term confidence.
Report Introduction: The FY2025H1 performance meets expectations, with an increase in profit margin benefiting from product mix improvement and rising gold prices; currently, the high volatility of gold prices puts pressure on demand temporarily, awaiting a marginal recovery upward. Investment Highlights: Performance meets expectations.
chow tai fook (1929.HK) 2025 fiscal year interim report review: Significant increase in gross margin, continuous optimization of product series.
In 1HFY2025, the company's revenue decreased by 20.43% year-on-year, the company's attributable net profit to shareholders decreased by 44.40% year-on-year. The company announced its 2025 interim report: 1HFY2025 achieved revenue of 394.08.
Open Source Securities: Maintain the "buy" rating for Chow Tai Fook (01929) and actively promote brand transformation to enhance product strength.
Guotai Junan Securities forecasts that chow tai fook's net income attributable to owners for the fiscal years 2025-2027 will be 5.793/6.381/7.034 billion yuan.
Yuanta Securities Upgrades Chow Tai Fook Jewellery Group to Hold From Sell; Price Target Is HK$7.20
Chow Tai Fook (01929.HK): Textile and apparel/trinket company research reports.
In the first half of fiscal year 2025, the company's revenue decreased by 20.4% year-on-year, and the net income attributable to shareholders decreased by 44.4%, indicating significant pressure. The company released its semi-annual report: FY2025H1 achieved revenue of 39.408 billion HKD (-20.4%).
Citi: maintains a "buy" rating on chow tai fook, target price lowered to HKD 9.4.
Citi released a research report stating that it has lowered the target price for chow tai fook (01929) by 17.5%, from HKD 11.4 to HKD 9.4, maintaining a "buy" rating. Citi pointed out in the research report that chow tai fook's mid-term revenue was weak as of the end of September this year, although net profit met expectations, and the underlying profit margin was strong, with significant hedge losses during the period due to soaring gold prices. Additionally, the mid-term dividend was lower than expected. Due to the early start of the november 11 shopping festival-related promotional activities, sales performance in October improved, but performance from November to now has been relatively weak, leading to uncertainties in the outlook for demand recovery.
UBS Group raises chow tai fook (01929.HK) target price to 9.7 yuan. Rated as "buy".
UBS Group released a report stating that Chow Tai Fook (01929.HK) performed in line with expectations for the 2025 fiscal year, with revenue dropping by 20.4% to 39.4 billion yuan, net profit falling by 44.4% to 2.5 billion yuan, both consistent with the preliminary results disclosed on October 22. Operating profit for the period increased by 4% to 6.8 billion yuan year-on-year, indicating operating profit margins in mainland China and other markets of 18.3% and 11.6% respectively, up by 4.1 and 2.9 percentage points year-on-year. The bank raised its adjusted earnings per share forecast for Chow Tai Fook for the fiscal years 2025 to 2027 (excluding the impact of gold loans) by 9% to 18%.
[Brokerage Focus] Guosen maintains a "outperform market" rating for Chow Tai Fook (01929), pointing out that the high gold price is causing consumer demand to be suppressed by a wait-and-see attitude.
Jinwu Financial News | Guosen released a research report stating that Chow Tai Fook (01929) achieved a revenue of 39.408 billion HKD in the first half of the fiscal year 2025 (April-September 2024), a year-on-year decrease of 20.43%, with a net income of 2.53 billion HKD, down 44.4% year-on-year. At the same time, the company declared an interim dividend of 0.2 HKD per share, with a dividend payout ratio of approximately 78.9% for the first half of the fiscal year, and plans to repurchase shares worth no more than 2 billion HKD. In addition, the company announced its company business data from October 1 to November 18 this year, showing an overall retail value down 15% year-on-year, primarily affected by relatively high gold prices suppressing end demand and a high base from the previous year.
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