Chow Tai Fook's Strategic Overhaul Strengthens Market Position, Says CLSA

Stock News05-07

CLSA has issued a research report stating that CHOW TAI FOOK (01929) has undertaken a comprehensive brand transformation since 2024. This includes overseas expansion and enhancing its leadership in the gold jewelry sector through upgraded retail experiences that emphasize craftsmanship, prime locations, and VIP lounges. The company has also introduced more diverse pricing tiers for its jewelry collections, catering to both high-end and entry-level segments. CLSA maintains a "Hold" rating on CHOW TAI FOOK with a target price of HK$11.20, based on a 12-month forward price-to-earnings ratio of 10 times. The firm recently attended the opening of CHOW TAI FOOK's flagship store in the Siam Paragon mall in Bangkok, which is the sole gold jewelry retailer within the premium luxury shopping destination. CLSA also visited the company's Tsim Sha Tsui flagship store, which opened in February of this year. The report forecasts a 5% year-on-year increase in the group's revenue for the 2026 fiscal year, with same-store sales growth projected at 6% in Mainland China and 17% in Hong Kong and Macau. Gross margin and operating margin are expected to reach 31.7% and 19.9%, respectively, representing increases of 2.2 percentage points and 3.4 percentage points compared to the previous year. Net profit is anticipated to grow by 50% year-on-year, with a net profit margin of 9.5%, an improvement of 2.9 percentage points.

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