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01929 CHOW TAI FOOK
RTNominal up10.880 +0.200 (+1.873%)
Research Report

03/02/2012 11:55

[I-bank focus] Daiwa starts Chow Tai Fook (01929) at "sell"

Daiwa Research initiated coverage of Chow Tai
Fook Jewellery (01929) with a contrarian "sell" rating, and target price of HK$11.2.
It said Chow Tai Fook stores are less efficient than those of Luk Fook (00590) in HK and
Chow Sang Sang (00116) in China. Moreover, Daiwa also sees execution risk to the company's
aggressive growth plan, noting it already has more stores than McDonald's in China.
The house thinks there is significant risk to the shares near term, as Chow Tai Fook
became eligible for short-selling on 2 February. (KL)

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