[ET Net News Agency, 30 November 2020] Guotai Junan International raised its target
price for Chow Tai Fook Jewellery (01929) to HK$12.13 from HK$11.58 and maintained its
"accumulate" rating.
The research house said Chow Tai Fook's 1H FY2021 net profit of HK$2,232 million beat
market consensus. Adjusted gross margin improved 4.4 ppts to 35.1%, and core operating
margin improved by 4.6 ppts.
Management said SSSG rose to 12% in mainland China and the decline of SSSG narrowed to
24.3% in Hong Kong and Macau in October-to-date. In addition, SSSG is expected to further
improve to 70%-80% in mainland China and flat in Hong Kong and Macau in 4Q FY2021 on a low
base and rising consumption sentiment.
Guotai Junan now forecast Chow Tai Fook's net profit to be HK$4,492 million in FY2021
and HK$5,102 million in FY2022. (KL)
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01929 CHOW TAI FOOK
Nominal 
10.920 +0.180 (+1.676%) Others
30/11/2020 17:26
Guotai Junan raises Chow Tai Fook (01929) to HK$12.13
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