Jefferies Initiates Chow Tai Fook with Buy Rating and HK$17.20 Price Target

Deep News05-07

An analysis report from Jefferies states that Chow Tai Fook (01929) has issued a positive profit alert, anticipating its full-year net profit for the period ending March 2026 to increase by 45% to 55% year-on-year, aligning with the firm's projected growth of 50.8%. The brokerage forecasts Chow Tai Fook's annual net profit will reach 8.9 billion yuan, with sales rising 4.2% to 93 billion yuan. The company attributes this growth to improved gross profit margins and operational leverage, with the margin benefiting from higher gold prices, a favorable sales mix shifting towards retail business, and priced products. Jefferies has assigned Chow Tai Fook a "Buy" rating with a target price of HK$17.20.

The firm recently conducted an on-site inspection of Chow Tai Fook's global flagship store on Canton Road in Tsim Sha Tsui. The store commenced trial operations in February 2026, showcasing all its iconic collections, including Rouge, Dawn, and Joie, along with new categories such as gold home products and collaborations with IPs like Disney and Chikawa. The store also features a high-end jewelry section, the HEARTS ON FIRE collection, a dedicated wedding area for couples, and a private VIP zone. According to the report, channel checks indicate that Chow Tai Fook has maintained positive same-store sales trends in mainland China for the first quarter of fiscal year 2027 so far, with weighted gold products performing particularly well. Meanwhile, the Hong Kong and Macau regions continue to benefit from the strength of the Renminbi.

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The brokerage forecasts Chow Tai Fook's annual net profit will reach 8.9 billion yuan, with sales rising 4.2% to 93 billion yuan. The company attributes this growth to improved gross profit margins and operational leverage, with the margin benefiting from higher gold prices, a favorable sales mix shifting towards retail business, and priced products. Jefferies has assigned Chow Tai Fook a \"Buy\" rating with a target price of HK$17.20.</p>\n<p>The firm recently conducted an on-site inspection of Chow Tai Fook's global flagship store on Canton Road in Tsim Sha Tsui. The store commenced trial operations in February 2026, showcasing all its iconic collections, including Rouge, Dawn, and Joie, along with new categories such as gold home products and collaborations with IPs like Disney and Chikawa. The store also features a high-end jewelry section, the HEARTS ON FIRE collection, a dedicated wedding area for couples, and a private VIP zone. According to the report, channel checks indicate that Chow Tai Fook has maintained positive same-store sales trends in mainland China for the first quarter of fiscal year 2027 so far, with weighted gold products performing particularly well. 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