Chow Tai Fook (01929) fell more than 4%. As of the time of writing, it fell 4.26% to HK$8.09 with a turnover of HK$56.5412 million.
According to the Wisdom Finance app, Chow Tai Fook (01929) fell more than 4%. As of the time of writing, it fell 4.26% to HK$8.09 with a turnover of HK$56.5412 million.
On the news front, Chow Tai Fook previously released its annual report for the 2024 fiscal year. Operating income increased by 14.8% year-on-year to HK$108.713 billion, and net profit from continuing operations increased by 28.9% year-on-year to HK$12.163 billion. The company's shareholders' share of net profit was HK$6.499 billion, an increase of 20.7% compared to the previous year. The adjusted gross margin in the 2024 fiscal year decreased by 90 basis points to 22.8%, primarily due to an increase in the proportion of sales of gold jewelry, products, and wholesale business.
Daiwa believes that Chow Tai Fook's 15% year-on-year increase in revenue for the 2024 fiscal year is in line with management and market expectations. The net profit margin exceeds the bank's and market expectations, mainly due to a unrealized loss of 2.5 billion yuan on gold loans caused by the rise in gold prices. Chow Tai Fook announced a dividend of HK$0.55 per share, representing a total dividend payout ratio of 84.6%. As no special dividends were distributed, it may disappoint some investors. The bank gives a Buy rating to the company.