[ET Net News Agency, 12 June 2020] HSBC Global Research raised its target price for
Chow Tai Fook Jewellery (CTF)(01929) to HK$8.5 from HK$6.5 and upgraded its rating to
"buy" from "hold".
The research house said CTF's FY2020 net profit of HK$2,901m was way lower than HSBC's
estimate. Due to the outbreak of COVID-19, its revenue in mainland China and HK & Macau
dropped by 16% and 47% respectively in 2H versus the growth of 12% and a decline of 20% in
the two respective regions in 1H.
Management is expecting mid-teen positive and 25-30% drop in SSSG in mainland China and
HK & Macau in FY2021 respectively on a low base. HSBC also expects its revenue to grow by
20% in mainland China and that in HK & Macau to drop by 38%. With the reversing of the
HK$711m paper loss booked in FY2020, HSBC expects its EPS to grow by 30% on 4% growth in
revenue in FY2021. (KL)
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01929 CHOW TAI FOOK
Nominal 
10.840 +0.120 (+1.119%) Research Report
12/06/2020 15:41
{I-bank focus}HSBC upgrades Chow Tai Fook (01929) to HK$8.5
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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