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01929
CHOW TAI FOOK
HKD
14.0200.090
(0.65%)
1D
AI Analysis for 01929
AI Analysis
High
14.210
Open
13.830
VWAP
13.98
Vol
12.94M
Mkt Cap
137.02B
Low
13.830
Amount
180.90M
EV/EBITDA(TTM)
9.81
Total Shares
9.87B
EV
161.96B
EV/OCF(TTM)
27.90
P/S(TTM)
1.55
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
5.0
01-27aastocksCheng Yu-tung Family Trusts Raise Ownership in CTFE's Parent Company to 90.52%
Shareholding Changes: The Cheng Yu-tung family's two trusts increased their stake in Chow Tai Fook (Holding) Ltd (CTFH) from 81.03% to 90.52% as of December 5, 2025, marking a total increase of 9.49 percentage points.
Short Selling Activity: As of January 26, 2026, short selling for CTFH was reported at $22.47 million with a ratio of 17.75%, while Chow Tai Fook (01929.HK) had a short selling amount of $185.95 million and a ratio of 52.579%.
Internal Control Structure: The shareholding disclosure on December 5, 2025, indicated changes in the internal control structure of CTFH within the family trust, aligning with the recent shareholding adjustments.
Market Outlook: JPMorgan has upgraded NEW WORLD DEV to Neutral, anticipating a rebound in developers' earnings in the next fiscal year.
4.5
01-26aastocksJewelry and Gold Mining Stocks Soar as Gold and Silver Prices Reach Record Highs; LAOPU GOLD Jumps 14% to Six-Month Peak
Gold and Silver Prices Surge: Gold futures in New York reached a historic high of USD5,080.1 per ounce, while silver futures peaked at USD107.925, reflecting significant increases in precious metal prices.
Jewelry Stocks Performance: Hong Kong-listed jewelry stocks, particularly LAOPU GOLD, experienced substantial gains, with expectations of strong sales during the Spring Festival due to high gold prices and promotional activities.
Gold Miners Thrive: Gold mining companies like ZIJIN MINING and ZHAOJIN MINING saw their stock prices rise significantly, benefiting from the increasing gold prices and high trading volumes.
Short Selling Activity: Various stocks in the jewelry and mining sectors showed notable short selling ratios, indicating a mix of investor sentiment and market speculation amidst the rising prices of gold and silver.
2.0
01-23aastocksJewelry and Gold Stocks Perform Well; LAOPU GOLD Rises Approximately 7%; LUK FOOK HOLD Reaches 7.5-Year High; CHOW TAI FOOK Remains Weak
Gold and Silver Prices Surge: Gold prices are nearing US$5,000 per ounce, with spot gold last quoted at US$4,944.08, while spot silver reached US$98.64 per ounce, reflecting significant increases in both metals.
Impact on Jewelry Stocks: The rise in gold prices has led to increased market expectations for gold product prices, positively affecting jewelry stocks in Hong Kong, particularly LAOPU GOLD, which saw a notable increase in its share price.
4.0
01-23aastocksJPM Increases Target Price for CHOW TAI FOOK (01929.HK) to $17, Maintains Overweight Rating
Strong Retail Sales Growth: CHOW TAI FOOK's retail sales value (RSV) for 3FQ26 increased by 18% year-on-year, surpassing forecasts, driven by an improved product mix and higher gold prices.
Positive Profit Margin Outlook: JPMorgan raised its earnings forecasts for CHOW TAI FOOK for 2026-2028 by 2-6% and increased the target price from $16.4 to $17, maintaining an Overweight rating due to favorable market conditions.
7.5
01-22aastocksNWD Allegedly Experiencing Large Tenant Departures at 11 SKIES; Airport Authority Engaging with Alternative Developers for Collaboration
Tenant Terminations at 11 SKIES: Numerous tenants, including Chow Tai Fook, Uniqlo, and LUK FOOK HOLD, have terminated their leases at the 11 SKIES mall near Hong Kong International Airport, amid significant short selling activity.
Impact of Terminal 2 Delays: Delays in the construction of the airport's Terminal 2 are expected to postpone the opening of 11 SKIES to at least mid-year, further affecting its prospects.
NWD's Response: New World Development (NWD) has not commented on the tenant terminations, while the Airport Authority Hong Kong is considering alternative operational arrangements with other developers.
Market Activity: The short selling ratios for Chow Tai Fook and other associated companies indicate a lack of confidence in their performance, with Chow Tai Fook experiencing a short selling ratio of 47.384%.
Money Flow
Over the past 66 trading days, overall net money flow is 295.36M, with retail investors contributing -1.53M and major investors adding 269.77M.
Net Buy $ Volume
Net Sell $ Volume
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.
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.
Valuation Metrics
Forward PE
5Y Average PE
16.91
Current PE
14.70
Overvalued PE
20.57
Undervalued PE
13.24
Forward EV/EBITDA
5Y Average EV/EBITDA
11.18
Current EV/EBITDA
9.12
Overvalued EV/EBITDA
13.41
Undervalued EV/EBITDA
8.94
Forward PS
5Y Average PS
1.25
Current PS
1.30
Overvalued PS
1.54
Undervalued PS
0.97
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