[ET Net News Agency, 12 June 2020] Huatai Research lowered its target price for Chow
Tai Fook Jewellery (CTF)(01929) to HK$7.7 from HK$7.9 and maintained its "buy" rating.
The research house said CTF's FY2020 net profit of HK$2.9bn missed Huatai's estimates by
10%. Huatai believes CTF's stock price has already largely reflected such weak results. It
remains positive on the stock performance prospects given a receding pandemic and recovery
of consumer sentiment in mainland China.
Management guided for mid-20s percentage top-line growth in FY2021 in mainland China,
thanks to SSSG recovery in 2H and rapid store expansion supported by CTF's confident
franchisees. Huatai pared its FY2021 net profit by 8% to HK$4.8bn due to slower recovery
in Hong Kong and Macau. (KL)
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01929 CHOW TAI FOOK
Nominal 
10.800 +0.020 (+0.186%) Research Report
12/06/2020 14:47
{I-bank focus}Huatai lowers Chow Tai Fook (01929) to HK$7.7
| Remark: | Real time quote last updated: 25/04/2024 10:28 |
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