[ET Net News Agency, 13 January 2020] Huatai Research raised its target price for Chow
Tai Fook Jewellery (CTF)(01929) to HK$9.2 from HK$7.5 and maintained its "buy" rating.
The research house said CTF's operational update, announced on 10 January, was broadly
in line with Huatai's expectations, with sluggish retail performance in HK, and resilient
sales growth in mainland China.
There were net openings of 614 CTF Jewelry stores in 9-month FY2020, exceeding full-year
guidance, which indicates franchisees' high confidence and enhances the growth potential
of the mainland China business (72% of revenue and 86% of operating profit in FY2020,
based on Huatai's estimates).
Huatai raised its net profit forecasts by 8%/3% in FY2020/21 to reflect a better margin
outlook as a result of the high gold price. (KL)
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01929 CHOW TAI FOOK
Nominal 
10.840 +0.120 (+1.119%) Research Report
13/01/2020 17:44
{I-bank focus}Huatai raises Chow Tai Fook (01929) to HK$9.2
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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