chow tai fook

Chow Tai Fook (1929) announced its full-year results last Friday. Profit attributable to shareholders increased by 11.8% year-on-year to 4.577 billion yuan. Goldman Sachs issued a report that due to sales growth and strict control of sales and administrative expenses, Chow Tai Fook’s operating profit for the second half of last year rose 17% year-on-year, better than the bank’s expectations. The same-store sales in the Mainland have also gradually improved, recording double-digit growth.

Goldman Sachs believes that Chow Tai Fook will face a higher base this year, and the retail market atmosphere is still unclear. It is expected that the company’s annual performance by the end of March 2020 will continue to be repeated, and the target price will be raised from 7.5 yuan to 7.9 yuan to maintain ” Neutral rating.

Daiwa maintains a “Buy” rating and raises its target price to 8.5 yuan

Daiwa felt that Chow Tai Fook’s same-store sales growth in April and May this year was higher than 10%, while Hong Kong’s same-store sales were down. Due to the increase in the company’s same-store sales estimate and the opening of more retail outlets in the Mainland, the bank raised CTF’s target price from 7.5 yuan to 8.5 yuan, and the rating remained “buy”.

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