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CHOW TAI FOOK: INTERIM REPORT 2024/2025
Special contributor Guo Jiayao: Investors continue to observe the direction of interest rates and news from the mainland economic work conference, expecting no breakthrough in the market conditions.
Jingu Financial News | Last Friday in the US stock market, due to the Thanksgiving holiday, the market was only open for half a day. The market trend was positive, with bond yields falling, benefiting the market sentiment. All three major indices recorded gains at the close, with the Dow Jones and the S&P 500 index hitting new historical highs again. The US dollar weakened, with the yield on the US ten-year bond falling to 4.17 basis points. The price of gold trended positively, while oil prices fluctuated. Hong Kong H-shares generally rose, and it is expected that the market will open higher in the morning session. Mainland China's stock market showed an upward trend last Friday, with the Shanghai Composite Index opening low and closing higher by 0.9%. The trading volume of both Shanghai and Shenzhen stock markets also increased. Hong Kong stocks were narrowly mixed last Friday, with the index hovering around 19,500 points.
[Hong Kong Stock Connect] New World Development (00017) fell by 5.99%, selling the Kai Tak Sports Park project for 0.417 billion yuan. It is rumored that the CEO, Ma Shaoxiang, is expected to step down from his position.
King Wo Financial News | new world dev (00017) stock price fell, as of the time of writing, down 5.99%, reported HKD 6.43, with a transaction amount of HKD 0.112 billion. On the news front, the company announced a related transaction, selling 75% of its stake in Kai Tak Sports Park Project-KTSPL to major shareholder chow tai fook (01929) for HKD 0.417 billion. The net proceeds will be allocated to general operating funds. The remaining 25% equity of KTSPL is held by nws holdings (00659). The statement indicated that since the Kai Tak Sports Park is expected to be operational in January 2025, it may require additional external financing to support.
Chow Tai Fook Jewellery Group (HKG:1929) Has A Pretty Healthy Balance Sheet
Citi: Maintains a 'buy' rating on Luk Fook Holdings, with target price lowered to HK$17.
Citigroup released a research report stating that luk fook hold (00590) has lowered its sales and profit margin forecasts after announcing its performance for the first half of 2025, resulting in a 23.4% decrease in the target price from HKD 22.2 to HKD 17, while maintaining a "buy" rating. Citigroup analysts pointed out that luk fook's interim net profit decline of 56% aligns with previous announcements, and management expects that due to the peak sales season approaching and a lower base, coupled with a slowdown in store closures in mainland china, the group's sales and profit margin performance in the second half of 2025 will improve. Citigroup believes that luk fook is currently attractively valued, with a predicted pe of 9 times and a dividend yield.
[Brokerage Focus] CICC lowers the target price of Chow Tai Fook (01929) by 31% to HK$10, expecting the fair value loss of gold loans to continue in the second half of the year.
King's Financial News | CICC International stated that Chow Tai Fook (01929) announced its first-half year performance, with a 20.4% year-on-year decline in revenue, in line with market expectations. Net income decreased by 44.4% year-on-year, 20% lower than the consensus, mainly due to weak consumer sentiment and a fair value loss on gold loans caused by the rise in gold prices. In addition to a dividend of 0.2 Hong Kong dollars per share, the company also announced a share buyback plan worth 2 billion Hong Kong dollars. The company expects a mid-double-digit decrease in revenue for FY25E, as the improvement in gross margin will be partially offset by the rise in SG&A expense ratio, impacting operating profit.
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