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Lyon: Maintaining CHOW TAI FOOK (00659) "Outperform the Market" rating, Target Price 8.2 Hong Kong dollars.
The bank estimates that the company will have a recurring free cash flow of 8.1 billion yuan from fiscal year 2025 to 2027, after excluding CHOW TAI FOOK's annual bonus, which is sufficient to support its progressive dividend policy, with the total dividend estimated to be 8 billion yuan.
Hong Kong Stock Early Report | Financial opening-up policy welcomes significant Bullish; CICC and Galaxy Securities respond to merger rumors.
① The policy for financial openness introduces significant Bullish developments, lowering the entry barrier for Financial Institutions from Hong Kong and Macau to the mainland. ② The Indonesian government has signed an investment agreement with Apple, and the sales ban on the iPhone 16 will be lifted. ③ DeepSeek has reduced the API call prices, with discounts during off-peak periods reaching up to 75%. ④ Short-selling institutions are attempting to join forces to attack the leading AI application AppLovin.
CHOW TAI FOOK (00659.HK) reported a strong growth of 15% in mid-term profits attributable to Shareholders, reaching 1.1576 billion HKD, and plans to distribute a dividend of 0.6 HKD per share.
On February 26, Glorious reported that CHOW TAI FOOK (00659.HK) announced its interim results for the six months ending December 31, 2024, with the group's overall attributable operating profit increasing by 4% year-on-year to 2.2253 billion Hong Kong dollars. The group's operating business, which includes roads, Insurance, Logistics, construction and facilities management, and construction and facilities management (excluding the sold 'duty-free' shop business), recorded an 8% increase in attributable operating profit year-on-year. Shareholder attributable profit increased significantly by 15% to 1.1576 billion Hong Kong dollars. The group's financial position remains stable. As of December 31, 2024, available current funds.
The adjustment of Hang Seng Index weights has triggered capital flows among major players: Alibaba and Tencent are facing short-term selling pressure, how should investors respond?
① How does the adjustment of the weight of leading stocks affect the related Stocks? ② Why is the "time window" for passive funds rebalancing concentrated on the day before it takes effect?
Tianfeng: The Gold jewelry Industry is currently undergoing a major transformation cycle; it is recommended to pay attention to Laopu Gold (06181) and others.
In the past, the Gold and jewelry Industry relied on channel expansion for momentum, resulting in a high degree of product homogeneity. As the channel dividends weaken, the current growth momentum of the Industry is shifting from channels to product upgrades, with companies that have a higher degree of product differentiation standing out first.
[Focus on Brokerage] CITIC SEC points out that Consumer behavior in purchasing gold is undergoing changes, paying attention to structural opportunities.
Gold Information | CITIC SEC stated that the current Gold bull market began in November 2022 and has lasted over 2 years (with average daily closing prices of Gold at the Shanghai Gold Exchange in 2022/2023/2024 showing year-on-year increases of +4.7%/+14.7%/+23.8%). Additionally, according to data from the World Gold Council, international Gold prices have set historical highs 40 times in 2024, second only to 57 times in 1979. Entering 2025, Gold prices are accelerating, having risen about 10% since the beginning of the year. Consumers are forming expectations of a continued bullish trend in future Gold prices: 1) If Gold prices continue to rise in the future.
