[ET Net News Agency, 5 December 2019] Goldman Sachs raised its target price for Chow
Tai Fook Jewellery (CTF)(01929) to HK$7.5 from HK$7.1 and maintained its "neutral" rating.
The research house said CTF's 1H FY2020 net income beat Goldman's estimate with higher
GPM and OPEX savings. Store expansion speed is faster-than-expected in 1H with 98% of the
new CTF jewelry shops in franchise model.
Management guided 600 net additions in mainland China over the next three years and
expects the franchise mix to exceed 60% by FY2022. Goldman revised down its FY2020-22
China sales estimates by 2% to factor in a weaker China SSSG outlook for FY2020 partially
offset by more aggressive openings. Net-net, Goldman adjusted down its FY2020-22 net
income by 4-6%. (KL)
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01929 CHOW TAI FOOK
Nominal 
10.340 +0.040 (+0.388%) Others
05/12/2019 17:21
{I-bank focus}Goldman raises Chow Tai Fook (01929) to HK$7.5
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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