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01929 CHOW TAI FOOK
RTNominal up10.400 +0.060 (+0.580%)
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02/11/2017 17:49

[I-bank focus]HSBC raises Chow Tai Fook (01929) to HK$8.8

[ET Net News Agency, 2 November 2017] HSBC Global Research raised its target price for
Chow Tai Fook Jewellery (CTF)(01929) to HK$8.8 from HK$8.4, and reiterated its "hold"
rating.
The research house said CTF's share are up 38% year-to-date, driven by a 20% upward
revision of the PE valuation to 19x and a 14% upward revision in FY2019 EPS. HSBC expects
SSSG to decelerate to 5% and 8% in Hong Kong/Macau and the PRC in 2H 2018 from 9% and 10%
in 1H 2018, respectively.
HSBC now forecast an 11.1% net profit CAGR (2018-20) over a 6.2% revenue CAGR in the
same time period after revenue and net profit grow by 11.9% and 34.2%, respectively, in
2018. (KL)

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