[ET Net News Agency, 11 June 2018] Jefferies Research raised its target price for Chow
Tai Fook Jewellery (CTF)(01929) to HK$11.5 from HK$11, and retained its "buy" rating.
The research house said CTF's FY2018 net profit was in-line. It remains positive on
overall jewellery market, and thinks China growth will be driven more by new POS given
3-4% SSSG guidance and 300 POS target for FY2019.
Jefferies expects limited rental reduction starting from FY2019 following the 2-year
rental downcycle. It nudged up its FY2019/20 net profit forecasts by 3.1/4.5%. (KL)