报告中称，周大福于2023年度派特别息给予市场惊喜，该行相信2024年度仍有可能派特别息，惟估计每股派息金额似会少于2023年度，该行估计，周大福每股末期息派0.4港元，特别息每股派0.15港元，显示2024年度派息比率或是97%。周大福于2023年9月有净现金20亿港元(不计黄金贷款)，总股本272亿港元，假设周大福希望维持净负债对股本比率低于20%，估计该集团仍有60亿港元空间派息。Bank of America Securities predicts that Chow Tai Fook's core operating profit (COP) will increase by 20% to HKD 11.3 billion in the 2024 fiscal year.
Zhongdafa (01929) will release its 2024 financial results on Thursday, June 13, according to a research report released by Bank of America Securities, which will focus on the financial guidance for the 2025 fiscal year and potential special dividends.
Bank of America predicts that Chow Tai Fook's core operating profit (COP) will increase by 20% to HKD 11.3 billion in the 2024 fiscal year, and the bank believes that there should not be too many surprises. After the release of data in mid-April, Chow Tai Fook's guidance for COP growth in the fourth quarter was 20%, and other key areas included: the impact of gold prices on profit margins, the profit and loss of gold loans, new brand strategies, and capital expenditures.
The report stated that Chow Tai Fook surprised the market with a special dividend in the 2023 fiscal year. The bank believes that a special dividend is still possible in the 2024 fiscal year, but the dividend per share is estimated to be less than that of the 2023 fiscal year. The bank estimates that Chow Tai Fook will pay a year-end dividend of HKD 0.4 per share, and a special dividend of HKD 0.15 per share, showing a dividend payout ratio of 97% for the 2024 fiscal year. Chow Tai Fook had net cash of HKD 2 billion in September 2023 (excluding gold loans) and a total share capital of HKD 27.2 billion. Assuming Chow Tai Fook wants to maintain a net debt-to-share capital ratio of less than 20%, the group is estimated to still have HKD 6 billion in space to pay dividends.
