[ET Net News Agency, 29 November 2019] CLSA lifted its target price for Chow Tai Fook
Jewellery (CTF)(01929) to HK$6.5 from HK$5.8 and upgraded its rating to "underperform"
from "sell".
The research house said CTF's 1H FY2020 and trading updates were broadly in line. Core
margins were resilient albeit partly helped by favourable gold prices.
With further penetration progress in China and initial signs of protest stabilisation
and rental renegotiation in HK, CLSA sees some silver linings albeit with rising
competition in China and political uncertainties in HK. It revised up its FY2020/21/22
earnings forecasts by 3%/1%/1%. (KL)