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01929 CHOW TAI FOOK
RTNominal up10.920 +0.180 (+1.676%)
Research Report

12/06/2020 16:01

{I-bank focus}Nomura lifts Chow Tai Fook (01929) to HK$8.9

[ET Net News Agency, 12 June 2020] Nomura lifted its target price for Chow Tai Fook
Jewellery (CTF)(01929) to HK$8.9 from HK$8.1 and maintained its "buy" rating.
The research house said CTF's management is optimistic about the recovery trend in China
and expects 45-50% topline growth in 2H FY2021 resulting from the ongoing store expansion
of 400-450 franchise POS in the lower-tier cities in FY2021 and the low base in FY2020.
Nomura expects FY2021 sales to increase by 22% in China. The HK & Macau market continues
to struggle and SSSG is trending at -80.2% in 1Q FY2021-to-date. With the ongoing impact
of COVID-19 and social unrest, Nomura does not expect a meaningful recovery in FY2021.
(KL)

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