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01929
CHOW TAI FOOK
HKD
11.4400.010
(0.09%)
1D
AI Analysis for 01929
AI Analysis
High
11.550
Open
11.430
VWAP
11.40
Vol
10.30M
Mkt Cap
144.52B
Low
11.290
Amount
117.47M
EV/EBITDA(TTM)
8.32
Total Shares
9.87B
EV
137.40B
EV/OCF(TTM)
23.67
P/S(TTM)
1.28
Chow Tai Fook Jewellery Group Ltd is an investment holding company mainly engaged in the manufacture and sale of jewellery products. The Company is mainly engaged in the manufacture and sale of gem-set, platinum and k-gold jewellery and gold jewellery and products. The Company is also engaged in the distribution of various watch brands. The Company operates its business through two segments: Business in the Mainland China segment and Business in Hong Kong & Macau of China and Other Markets segment.
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News
4.5
02-26aastocksMidday Update: HSI Ends at 26,656, Down 109 Points; HSTI at 5,171, Down 89 Points; PING AN Falls Over 3%; CKI HOLDINGS, POWER ASSETS, BOC HONG KONG, HSBC HOLDINGS, and TINGYI Reach New Peaks
Market Performance: The HSI dropped 109 points (0.4%) to 26,656, while the HSTI and HSCEI also saw declines of 1.7% and 1.3%, respectively.
Active Heavyweights: Notable declines were observed in major stocks like PING AN (-3.0%), BABA (-2.1%), and TENCENT (-0.8%), with significant short selling activity reported.
Constituents on the Move: ZHONGSHENG HLDG experienced a sharp decline of 9.7%, while CKI HOLDINGS and POWER ASSETS both hit new highs with increases of 5.5% and 5.3%, respectively.
Short Selling Trends: High short selling ratios were noted across various stocks, with HSBC HOLDINGS and BOC HONG KONG showing positive movements despite the overall market downturn.
5.0
02-24aastocksCHOW TAI FOOK Reportedly Plans to Increase Gold Product Prices in China by Mid-March
Price Adjustment Announcement: CHOW TAI FOOK is rumored to adjust the prices of its gold products in mainland China by mid-March, with some stores already notified.
Expected Price Increase: The price hike is anticipated to focus on fixed-price products, potentially increasing by 15-30%, with specific details to be determined by in-store price tag adjustments.
6.5
02-24aastocksCLSA Report: Positive Overall Spending in China During CNY Holiday Boosts Top Picks SAMSONITE and ANTA SPORTS
CNY Holiday Spending: Preliminary data indicates positive overall spending in China during the Chinese New Year holiday, with strong tourism and travel activity reported by CLSA.
Hainan Duty-Free Resilience: Hainan's duty-free spending showed resilience due to effective promotions and policy-driven demand, although this was largely anticipated in the market.
Stock Recommendations: CLSA highlighted top stock picks benefiting from robust travel and high-end spending, including SAMSONITE and ANTA SPORTS, with respective target prices set.
Market Performance: The report also noted significant short selling activity in various stocks, indicating market volatility and investor caution.
4.0
02-11aastocksDaiwa Increases CHOW TAI FOOK's Target Price to HKD17, Maintains Buy Rating
Daiwa's Meeting with CHOW TAI FOOK: Daiwa's research report indicates that management of CHOW TAI FOOK believes consumer demand for gold jewelry will remain strong despite gold price fluctuations.
Consumer Purchasing Behavior: Management's insights align with industry trends, suggesting consumers are likely to purchase gold jewelry during price rallies rather than waiting for potential price drops.
Earnings Forecast Adjustment: Daiwa has raised its FY27 EPS forecast for CHOW TAI FOOK by 6%, anticipating increased sales in Hong Kong and Macau due to a widening retail price gap and stable gold prices.
Stock Rating and Target Price: CHOW TAI FOOK's stock rating has been reiterated as Buy, with the target price increased from HKD15.5 to HKD17.
4.5
02-10aastocksCHOW TAI FOOK Announces Upcoming Price Increase for Gold Items in Mainland Outlets; Details on Timing and Magnitude Still Unclear
Price Adjustment Announcement: CHOW TAI FOOK plans to adjust the prices of gold products in its mainland stores after the Spring Festival, with changes expected to be implemented in mid-March.
Operational Policy: The company confirmed the price increase is part of its routine operational policy, which will be based on market conditions and product demand while maintaining quality and craftsmanship.
Money Flow
Over the past 66 trading days, overall net money flow is 304.50M, with retail investors contributing 2.04M and major investors adding 297.46M.
Net Buy $ Volume
Net Sell $ Volume
BofAS
BofAS
Buy -> Neutral
downgrade
2026-03-27
Reason
BofAS downgraded the ratings of Lao Feng Xiang and Chow Tai Fook from 'Buy' to 'Neutral' due to increased risks from gold price volatility and a slowdown in macroeconomic growth. The firm noted that while rising gold prices have driven gold jewelry stocks, there are limits to the growth of gold jewelry consumption. Additionally, a slowdown in national gold and retail sales growth is expected to impact Chow Tai Fook's same-store sales growth. Although Lao Feng Xiang's earnings forecast was raised due to better-than-expected results, the overall outlook remains cautious.
BofAS
Buy -> Neutral
Price Target
2026-03-27
downgrade
BofAS downgraded the ratings of Lao Feng Xiang and Chow Tai Fook from 'Buy' to 'Neutral' due to increased risks from gold price volatility and a slowdown in macroeconomic growth. The firm noted that while rising gold prices have driven gold jewelry stocks, there are limits to the growth of gold jewelry consumption. Additionally, a slowdown in national gold and retail sales growth is expected to impact Chow Tai Fook's same-store sales growth. Although Lao Feng Xiang's earnings forecast was raised due to better-than-expected results, the overall outlook remains cautious.
Daiwa
Buy
maintain
$17
2026-02-11
Reason
The analyst rating for CHOW TAI FOOK was reiterated as Buy due to several key reasons:
1. Strong Consumer Demand: Management indicated that the fundamental demand for gold jewelry among consumers would remain robust, despite fluctuations in gold prices. This suggests a resilient market for their products.
2. Consumer Behavior: The management's comments were consistent with industry trends, indicating that consumers are likely to accelerate purchases during a rally in gold prices rather than waiting for potential price declines.
3. Increased Earnings Forecast: Daiwa raised its FY27 EPS forecast for CHOW TAI FOOK by 6%, reflecting expectations of enhanced sales in Hong Kong and Macau, driven by a widening retail price gap and sustained strength in gold prices.
4. Target Price Increase: The target price for the stock was lifted from HKD15.5 to HKD17, indicating a positive outlook on the company's future performance.
These factors collectively support the Buy rating and the increased target price for CHOW TAI FOOK.
Daiwa
Buy
Price Target
$17
2026-02-11
maintain
The analyst rating for CHOW TAI FOOK was reiterated as Buy due to several key reasons:
1. Strong Consumer Demand: Management indicated that the fundamental demand for gold jewelry among consumers would remain robust, despite fluctuations in gold prices. This suggests a resilient market for their products.
2. Consumer Behavior: The management's comments were consistent with industry trends, indicating that consumers are likely to accelerate purchases during a rally in gold prices rather than waiting for potential price declines.
3. Increased Earnings Forecast: Daiwa raised its FY27 EPS forecast for CHOW TAI FOOK by 6%, reflecting expectations of enhanced sales in Hong Kong and Macau, driven by a widening retail price gap and sustained strength in gold prices.
4. Target Price Increase: The target price for the stock was lifted from HKD15.5 to HKD17, indicating a positive outlook on the company's future performance.
These factors collectively support the Buy rating and the increased target price for CHOW TAI FOOK.
JPMorgan
JPMorgan
maintain
$17
2026-01-23
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) was kept at Overweight by JPMorgan due to several positive factors. The company's retail sales value (RSV) grew 18% year-over-year, surpassing forecasts. Additionally, improvements in product mix, channel optimization, higher gold prices, and effective cost control contributed to strong profit margins. Given the continuous rise in gold prices, JPMorgan sees further upside potential in the company's profit margin outlook, leading them to raise their earnings forecasts for 2026-2028 by 2-6% and increase the target price from $16.4 to $17.
JPMorgan
Price Target
$17
2026-01-23
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) was kept at Overweight by JPMorgan due to several positive factors. The company's retail sales value (RSV) grew 18% year-over-year, surpassing forecasts. Additionally, improvements in product mix, channel optimization, higher gold prices, and effective cost control contributed to strong profit margins. Given the continuous rise in gold prices, JPMorgan sees further upside potential in the company's profit margin outlook, leading them to raise their earnings forecasts for 2026-2028 by 2-6% and increase the target price from $16.4 to $17.
Macquarie
Outperform
maintain
2026-01-22
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is influenced by the company's strong same-store sales growth in mainland China and Hong Kong/Macau, which increased significantly in the latest quarter. However, the management's cautious outlook for the upcoming Lunar New Year, expecting lower growth due to a higher base, and the revision of full-year revenue and same-store sales growth guidance indicate potential challenges ahead. Macquarie has raised its target price while maintaining an Outperform rating, reflecting a positive view on the company's performance despite the anticipated challenges. CLSA has kept a Hold rating, acknowledging the strong results but also the expected difficulties during the Lunar New Year.
Macquarie
Outperform
Price Target
2026-01-22
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) is influenced by the company's strong same-store sales growth in mainland China and Hong Kong/Macau, which increased significantly in the latest quarter. However, the management's cautious outlook for the upcoming Lunar New Year, expecting lower growth due to a higher base, and the revision of full-year revenue and same-store sales growth guidance indicate potential challenges ahead. Macquarie has raised its target price while maintaining an Outperform rating, reflecting a positive view on the company's performance despite the anticipated challenges. CLSA has kept a Hold rating, acknowledging the strong results but also the expected difficulties during the Lunar New Year.
Daiwa
maintain
2026-01-22
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is a "Buy" based on several positive factors highlighted in the article. The company reported encouraging operational results for 3QFY26, with double-digit year-over-year same-store sales growth. Specifically, self-operated stores in China and Hong Kong/Macau experienced significant sales increases of 21.4% and 14.3%, respectively, while franchise stores saw a growth of 26.3%. Additionally, despite expected hedging losses due to strengthening gold prices, the overall positive sales performance led Daiwa to maintain a bullish outlook on the stock.
Daiwa
Price Target
2026-01-22
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) is a "Buy" based on several positive factors highlighted in the article. The company reported encouraging operational results for 3QFY26, with double-digit year-over-year same-store sales growth. Specifically, self-operated stores in China and Hong Kong/Macau experienced significant sales increases of 21.4% and 14.3%, respectively, while franchise stores saw a growth of 26.3%. Additionally, despite expected hedging losses due to strengthening gold prices, the overall positive sales performance led Daiwa to maintain a bullish outlook on the stock.
CLSA
CLSA
Hold
upgrade
$13
2026-01-22
Reason
The analyst rating for Chow Tai Fook (01929.HK) is maintained at "Hold" due to the company's strong performance in the third fiscal quarter of 2026, with significant same-store sales growth in mainland China and Hong Kong & Macau. However, the company anticipates lower same-store sales growth during the Lunar New Year due to a higher base and has adjusted its sales and profit margin guidance for FY2026. Despite raising the target price from $13 to $14.2 based on earnings forecast adjustments and higher gold prices, the broker's cautious outlook regarding future sales growth led to the decision to keep the rating at Hold.
CLSA
Hold
Price Target
$13
2026-01-22
upgrade
The analyst rating for Chow Tai Fook (01929.HK) is maintained at "Hold" due to the company's strong performance in the third fiscal quarter of 2026, with significant same-store sales growth in mainland China and Hong Kong & Macau. However, the company anticipates lower same-store sales growth during the Lunar New Year due to a higher base and has adjusted its sales and profit margin guidance for FY2026. Despite raising the target price from $13 to $14.2 based on earnings forecast adjustments and higher gold prices, the broker's cautious outlook regarding future sales growth led to the decision to keep the rating at Hold.
CICC
CICC
Outperform
maintain
2026-01-22
Reason
The analyst rating for CHOW TAI FOOK was raised to "Outperform" by CICC due to several positive factors. The company reported a strong operational performance for the third fiscal quarter of 2026, with an overall retail value increase of 18% year-over-year. Notably, same-store sales in mainland China grew by 21% for direct sales and 26% for wholesale, while the Hong Kong and Macau markets saw a 14% increase in same-store sales.
Additionally, the company raised its full-year guidance for FY2026, projecting mid to low single-digit revenue growth and improvements in gross profit margin to 31.5-32.5%, as well as an operating profit margin nearing 20%. CICC also noted that the expected scale of gold lending losses would remain consistent with the previous fiscal year. As a result of these favorable sales performances, CICC increased its earnings per share forecasts for FY2026 and FY2027 by 3% and raised the target price by 6%, indicating a 30% upside potential.
CICC
Outperform
Price Target
2026-01-22
maintain
The analyst rating for CHOW TAI FOOK was raised to "Outperform" by CICC due to several positive factors. The company reported a strong operational performance for the third fiscal quarter of 2026, with an overall retail value increase of 18% year-over-year. Notably, same-store sales in mainland China grew by 21% for direct sales and 26% for wholesale, while the Hong Kong and Macau markets saw a 14% increase in same-store sales.
Additionally, the company raised its full-year guidance for FY2026, projecting mid to low single-digit revenue growth and improvements in gross profit margin to 31.5-32.5%, as well as an operating profit margin nearing 20%. CICC also noted that the expected scale of gold lending losses would remain consistent with the previous fiscal year. As a result of these favorable sales performances, CICC increased its earnings per share forecasts for FY2026 and FY2027 by 3% and raised the target price by 6%, indicating a 30% upside potential.
Citi
Buy
maintain
$17
2026-01-05
Reason
The analyst rating from Citi on CHOW TAI FOOK (01929.HK) is based on the anticipation of strong operating results for the third quarter of FY26, expected to be announced in January. The firm expects the company to raise its same-store sales growth guidance due to robust performance in October and November, along with a favorable outlook for December driven by rising fixed-price gold product prices. Consequently, Citi has maintained a Buy rating and increased its target price from HKD17 to HKD18.2, reflecting an improved earnings forecast.
Citi
Buy
Price Target
$17
2026-01-05
maintain
The analyst rating from Citi on CHOW TAI FOOK (01929.HK) is based on the anticipation of strong operating results for the third quarter of FY26, expected to be announced in January. The firm expects the company to raise its same-store sales growth guidance due to robust performance in October and November, along with a favorable outlook for December driven by rising fixed-price gold product prices. Consequently, Citi has maintained a Buy rating and increased its target price from HKD17 to HKD18.2, reflecting an improved earnings forecast.
Northeast Securities
Northeast Securities
initiated
2025-12-29
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is initiated as a "Buy" by Northeast Securities due to the company's steady recovery in its 1H26 results, which showed a largely flat revenue of $38.986 billion compared to the same period last year. The improvement in the expense ratio led to a year-over-year growth in operating profit of 0.7%, reaching a nearly five-year high operating profit margin of 17.5%. Additionally, the forecasted net profit attributable to the parent company for 2026-2028 shows a positive trend, with corresponding price-to-earnings (PE) ratios indicating potential for growth.
Northeast Securities
Price Target
2025-12-29
initiated
The analyst rating for CHOW TAI FOOK (01929.HK) is initiated as a "Buy" by Northeast Securities due to the company's steady recovery in its 1H26 results, which showed a largely flat revenue of $38.986 billion compared to the same period last year. The improvement in the expense ratio led to a year-over-year growth in operating profit of 0.7%, reaching a nearly five-year high operating profit margin of 17.5%. Additionally, the forecasted net profit attributable to the parent company for 2026-2028 shows a positive trend, with corresponding price-to-earnings (PE) ratios indicating potential for growth.
CICC
CICC
Outperform
downgrade
2025-12-22
Reason
The analyst rating for CHOW TAI FOOK was maintained at "Outperform" by CICC due to several factors. The report highlighted that the company adjusted the prices of its fixed-price gold products, with increases between 4% and 16%, which is seen as a positive move against the backdrop of rising gold prices. This adjustment is expected to enhance CHOW TAI FOOK's premium brand image and ensure better product profitability amid smooth cost fluctuations. Additionally, CICC expressed optimism about the company's brand strength enhancement and channel optimization, despite lowering its target price by 13% to $16.89 due to industry valuation fluctuations.
CICC
Outperform
Price Target
2025-12-22
downgrade
The analyst rating for CHOW TAI FOOK was maintained at "Outperform" by CICC due to several factors. The report highlighted that the company adjusted the prices of its fixed-price gold products, with increases between 4% and 16%, which is seen as a positive move against the backdrop of rising gold prices. This adjustment is expected to enhance CHOW TAI FOOK's premium brand image and ensure better product profitability amid smooth cost fluctuations. Additionally, CICC expressed optimism about the company's brand strength enhancement and channel optimization, despite lowering its target price by 13% to $16.89 due to industry valuation fluctuations.
Valuation Metrics
Forward PE
5Y Average PE
16.83
Current PE
14.70
Overvalued PE
20.55
Undervalued PE
13.12
Forward EV/EBITDA
5Y Average EV/EBITDA
11.14
Current EV/EBITDA
9.12
Overvalued EV/EBITDA
13.40
Undervalued EV/EBITDA
8.87
Forward PS
5Y Average PS
1.24
Current PS
1.30
Overvalued PS
1.53
Undervalued PS
0.96
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