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01929
CHOW TAI FOOK
HKD
13.440-0.150
(-1.10%)
1D
High
13.590
Open
13.590
VWAP
13.44
Vol
8.92M
Mkt Cap
137.02B
Low
13.340
Amount
119.89M
EV/EBITDA(TTM)
9.61
Total Shares
9.86B
EV
158.61B
EV/OCF(TTM)
27.33
P/S(TTM)
1.52
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
4.0
01-05aastocksCiti Initiates 30-Day Upside Catalyst Watch for CHOW TAI FOOK, Expects Robust 3Q26 Performance
Citi's Research Report: Citi has initiated a 30-day upside catalyst watch on CHOW TAI FOOK (01929.HK), anticipating strong 3QFY26 operating results and an increase in same-store sales growth guidance in January.
Performance Expectations: Following robust performance in October and November, Citi expects sustained favorable same-store sales growth in December due to rising fixed-price gold product prices.
Rating and Target Price Update: Citi has maintained a Buy rating on CHOW TAI FOOK and raised its target price from HKD17 to HKD18.2, reflecting an improved earnings forecast.
Short Selling Data: As of January 2, 2026, CHOW TAI FOOK has a short selling amount of $33.58M with a ratio of 68.416%.
4.0
2025-12-29aastocksNortheast Securities Begins Coverage of CHOW TAI FOOK (01929.HK) with a Buy Rating as Same-Store Sales Rebound to Growth Levels
Financial Performance: CHOW TAI FOOK reported a steady recovery in its 1H26 results, with revenue of $38.986 billion, remaining largely flat year-on-year, and an operating profit growth of 0.7% to $6.823 billion, achieving a nearly five-year high in operating profit margin at 17.5%.
Net Profit and Losses: After accounting for a significant loss of $3.143 billion from gold loan contracts, the net profit attributable to the parent company was $2.534 billion, which was also largely flat compared to the previous year.
Analyst Ratings: CICC has lowered CHOW TAI FOOK's target price to $16.89, citing price adjustments that have positively impacted profit performance.
Future Projections: Northeast Securities forecasts net profits for CHOW TAI FOOK to grow to RMB7.57 billion, RMB8.61 billion, and RMB9.73 billion from 2026 to 2028, with corresponding PE ratios of 15.1x, 13.3x, and 11.8x, and has initiated coverage with a Buy rating.
4.0
2025-12-22aastocksCICC Lowers CHOW TAI FOOK (01929.HK) Target Price to $16.89, Citing Price Adjustments Boosting Profitability
Price Adjustments: CHOW TAI FOOK has increased prices of its fixed-price gold products by 4% to 16% for the third time this year, responding to rising gold prices and enhancing its premium brand image.
Market Outlook: CICC maintains its earnings forecasts for FY2026/2027 at $0.87/$0.93 per share, keeping an Outperform rating, but has reduced the target price by 13% to $16.89 due to industry valuation fluctuations.
4.5
2025-12-19aastocks<Daily Summary> HSI Ends at 25,690, Gaining 192 Points; HSTI Finishes at 5,479, Up 60 Points; XPENG Surges Over 7%; HSBC HOLDINGS, TANWAN, NCI, and CHINA EAST AIR Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 192 points (0.8%) to close at 25,690, with a total market turnover of $221.19 billion.
Active Heavyweights: Notable stocks included Tencent (+1.5%), Meituan (+1.3%), and Xiaomi (+0.8%), all showing positive gains despite significant short selling activity.
Top Gainers: XPeng led the gains among HSI constituents with a 7.7% increase, followed by Wuxi Bio (+4.4%) and Li Auto (+3.8%).
Significant Movers: In the HSMI & HSSI, Minieye surged by 31.2%, while CIMC and Morimatsu International also saw substantial increases of 15.5% and 10.6%, respectively.
6.5
2025-12-18aastocksG Sachs Identifies APxJ Stocks with Strong Dividend Yields and Growth Potential (H Shares Only) (Table)
Goldman Sachs Portfolio: Goldman Sachs has identified a portfolio of high dividend yield and growth stocks from the Asia-Pacific excluding Japan (APxJ) region, focusing on the top 50 stocks with the highest expected dividend yields and positive growth over the next two years.
Hong Kong Stocks Listed: The report includes several Hong Kong stocks, such as C&D International Group, Bosideng, and Chow Tai Fook, along with their short selling data and price changes.
Market Trends: Morgan Stanley predicts that the downside in the Chinese real estate market will continue into 2026, with expectations of significant price drops in both first- and second-hand properties.
Short Selling Insights: The report provides insights into short selling activities for various Hong Kong stocks, indicating the level of market skepticism surrounding these companies.
Money Flow
Over the past 66 trading days, overall net money flow is 87.87M, with retail investors contributing 195.72K and major investors adding 50.27M.
Net Buy $ Volume
Net Sell $ Volume
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.
Jefferies
Jefferies
Buy
downgrade
$17
2025-12-09
Reason
The analyst rating from Jefferies for CHOW TAI FOOK was maintained at "Buy" despite lowering its target price from $18.5 to $17. This decision was influenced by a more conservative outlook on sales growth and profit margins for FY2027 and FY2028, leading to a reduction in net profit forecasts by 8%, 11%, and 11% for FY2026-2028, as well as sales forecasts by 5%, 5%, and 6% for the same period. The rating reflects the broker's view of potential upside despite the adjustments made to their financial projections.
Jefferies
Buy
Price Target
$17
2025-12-09
downgrade
The analyst rating from Jefferies for CHOW TAI FOOK was maintained at "Buy" despite lowering its target price from $18.5 to $17. This decision was influenced by a more conservative outlook on sales growth and profit margins for FY2027 and FY2028, leading to a reduction in net profit forecasts by 8%, 11%, and 11% for FY2026-2028, as well as sales forecasts by 5%, 5%, and 6% for the same period. The rating reflects the broker's view of potential upside despite the adjustments made to their financial projections.
HSBC Global Research
HSBC Global Research
Buy
maintain
2025-12-04
Reason
The analyst rating for CHOW TAI FOOK was influenced by several key factors highlighted in the article. Firstly, the company's 1HFY26 results were in line with expectations, indicating stable performance. Despite a significant 17.5% decline in store numbers, CHOW TAI FOOK managed to reduce its revenue decline from 17.5% in FY25 to just 1.1%, thanks to positive same-store sales growth. Specifically, same-store sales in Mainland China, Hong Kong, and Macau showed growth of 2.6% and 4.4% respectively in the first half of the fiscal year.
Additionally, the management's conservative guidance for low single-digit revenue growth for FY26 was exceeded by the company's year-to-date performance, suggesting stronger-than-expected operational resilience. As a result, HSBC Global Research raised the target price for CHOW TAI FOOK from HKD17.9 to HKD19.2 while maintaining a "Buy" rating, reflecting confidence in the company's ability to navigate challenges and achieve growth.
HSBC Global Research
Buy
Price Target
2025-12-04
maintain
The analyst rating for CHOW TAI FOOK was influenced by several key factors highlighted in the article. Firstly, the company's 1HFY26 results were in line with expectations, indicating stable performance. Despite a significant 17.5% decline in store numbers, CHOW TAI FOOK managed to reduce its revenue decline from 17.5% in FY25 to just 1.1%, thanks to positive same-store sales growth. Specifically, same-store sales in Mainland China, Hong Kong, and Macau showed growth of 2.6% and 4.4% respectively in the first half of the fiscal year.
Additionally, the management's conservative guidance for low single-digit revenue growth for FY26 was exceeded by the company's year-to-date performance, suggesting stronger-than-expected operational resilience. As a result, HSBC Global Research raised the target price for CHOW TAI FOOK from HKD17.9 to HKD19.2 while maintaining a "Buy" rating, reflecting confidence in the company's ability to navigate challenges and achieve growth.
CLSA
CLSA
upgrade
$12 -> $13
2025-12-01
Reason
The analyst rating for CHOW TAI FOOK was influenced by several factors outlined in the CLSA research report. Although the company's sales and profit for the first half of FY2026 were slightly below market consensus, the guidance for same-store sales growth remained unchanged, and there was an increase in profitability guidance. CLSA forecasted a 3% growth in sales and a 40% growth in net profit for FY2026, with expected gross and operating profit margins of 30.6% and 18%, respectively. Additionally, the firm raised its 12-month target price from $12 to $13, maintaining a forward PE ratio of 12x, and emphasized that the upcoming peak season sales performance would be critical for the share price.
CLSA
Price Target
$12 -> $13
2025-12-01
upgrade
The analyst rating for CHOW TAI FOOK was influenced by several factors outlined in the CLSA research report. Although the company's sales and profit for the first half of FY2026 were slightly below market consensus, the guidance for same-store sales growth remained unchanged, and there was an increase in profitability guidance. CLSA forecasted a 3% growth in sales and a 40% growth in net profit for FY2026, with expected gross and operating profit margins of 30.6% and 18%, respectively. Additionally, the firm raised its 12-month target price from $12 to $13, maintaining a forward PE ratio of 12x, and emphasized that the upcoming peak season sales performance would be critical for the share price.
Daiwa
Buy
maintain
$18
2025-11-27
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is maintained as "Buy" by Daiwa due to several positive factors outweighing the negatives in the company's recent 1HFY2026 results. Despite revenue and net profit being slightly below market consensus, the increase in dividend yield and dividend per share (DPS), along with a raised guidance for 2HFY2026, contributed to a more favorable outlook. Additionally, Daiwa revised its profit margin forecasts upward, leading to an increase in EPS forecasts for 2026-2028 by 2-5%, and raised the 12-month target price from $15.5 to $18 while keeping the projected PE ratio unchanged at 18x.
Daiwa
Buy
Price Target
$18
2025-11-27
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) is maintained as "Buy" by Daiwa due to several positive factors outweighing the negatives in the company's recent 1HFY2026 results. Despite revenue and net profit being slightly below market consensus, the increase in dividend yield and dividend per share (DPS), along with a raised guidance for 2HFY2026, contributed to a more favorable outlook. Additionally, Daiwa revised its profit margin forecasts upward, leading to an increase in EPS forecasts for 2026-2028 by 2-5%, and raised the 12-month target price from $15.5 to $18 while keeping the projected PE ratio unchanged at 18x.
BOCI
Buy
upgrade
2025-11-26
Reason
The analyst rating for CHOW TAI FOOK was reiterated as a Buy by BOCI due to several key factors. Despite a flat performance in the first half of FY26, with a slight decrease in revenue and a marginal increase in net profit, the company demonstrated a significant improvement in average sales per store through strategic adjustments. Notably, the same-store sales growth in China from October 1 to November 18, 2025, showed a robust 35.1% year-over-year increase, indicating strong growth momentum. This positive data led BOCI to adopt a more optimistic outlook for the second half of the fiscal year, prompting them to raise the target price from HKD 17.8 to HKD 18.1.
BOCI
Buy
Price Target
2025-11-26
upgrade
The analyst rating for CHOW TAI FOOK was reiterated as a Buy by BOCI due to several key factors. Despite a flat performance in the first half of FY26, with a slight decrease in revenue and a marginal increase in net profit, the company demonstrated a significant improvement in average sales per store through strategic adjustments. Notably, the same-store sales growth in China from October 1 to November 18, 2025, showed a robust 35.1% year-over-year increase, indicating strong growth momentum. This positive data led BOCI to adopt a more optimistic outlook for the second half of the fiscal year, prompting them to raise the target price from HKD 17.8 to HKD 18.1.
BofA Securities
BofA Securities
Buy
maintain
2025-11-26
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) was reiterated at "Buy" by BofA Securities due to several factors. Despite a flat net profit year-over-year and a slight decline in revenue, the management raised its operating profit margin guidance, indicating a potential year-over-year increase. Additionally, the sales trends observed from October to mid-November and the better-than-expected profit margin guidance led BofA Securities to increase its net profit forecasts for FY2026 and FY2027. The broker also raised its target price slightly, reflecting confidence in sustained improvement in same-store sales growth, which supports a positive valuation re-rating.
BofA Securities
Buy
Price Target
2025-11-26
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) was reiterated at "Buy" by BofA Securities due to several factors. Despite a flat net profit year-over-year and a slight decline in revenue, the management raised its operating profit margin guidance, indicating a potential year-over-year increase. Additionally, the sales trends observed from October to mid-November and the better-than-expected profit margin guidance led BofA Securities to increase its net profit forecasts for FY2026 and FY2027. The broker also raised its target price slightly, reflecting confidence in sustained improvement in same-store sales growth, which supports a positive valuation re-rating.
Morgan Stanley
Morgan Stanley
maintain
$19
2025-11-26
Reason
The analyst rating for CHOW TAI FOOK (01929.HK) is Overweight, as maintained by Morgan Stanley. The reasoning behind this rating is based on the company's interim results being in line with expectations and the significant increase in its gross profit margin (GPM) guidance from 28.3-28.7% to 31-32%, which exceeded Morgan Stanley's expectations. This revised guidance suggests a year-on-year growth of 44-55% in net profit for FY26, indicating strong future performance potential.
Morgan Stanley
Price Target
$19
2025-11-26
maintain
The analyst rating for CHOW TAI FOOK (01929.HK) is Overweight, as maintained by Morgan Stanley. The reasoning behind this rating is based on the company's interim results being in line with expectations and the significant increase in its gross profit margin (GPM) guidance from 28.3-28.7% to 31-32%, which exceeded Morgan Stanley's expectations. This revised guidance suggests a year-on-year growth of 44-55% in net profit for FY26, indicating strong future performance potential.
Valuation Metrics
Forward PE
5Y Average PE
16.90
Current PE
14.70
Overvalued PE
20.55
Undervalued PE
13.26
Forward EV/EBITDA
5Y Average EV/EBITDA
11.17
Current EV/EBITDA
9.12
Overvalued EV/EBITDA
13.39
Undervalued EV/EBITDA
8.95
Forward PS
5Y Average PS
1.25
Current PS
1.30
Overvalued PS
1.54
Undervalued PS
0.97
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