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2026-06-12 14:09:33 CICC published a research report stating that CHOW TAI FOOK (01929.HK) recorded revenue of HKD94.4 billion in FY2026, up 5% YoY, while net profit attributable to shareholders rose 52% YoY to HKD9 billion, in line with market expectations. The company declared a final dividend of HKD0.45 per share, with a full-year payout ratio of 73%, implying a dividend yield of about 7% and maintaining a high payout ratio. In 2HFY2026, revenue increased 10% YoY with sequential acceleration. Revenue from mainland China rose 5% YoY to HKD43.8 billion. The company net closed 358 CHOW TAI FOOK specialty retail outlets, while average monthly sales per new store at year-end surged 57% YoY to approximately HKD1.6 million. Revenue from Hong Kong, Macau and overseas markets grew 33% YoY to HKD11.6 billion. The broker noted that in April-May, same-store sales in mainland China rose 20% YoY for directly operated stores and 15% YoY for franchised stores, while Hong Kong and Macau recorded a 41% YoY increase, outperforming market expectations. Management guided for mid- to high-single-digit YoY revenue growth in FY2027, with an operating margin of about 14%. Income from gold lending is expected to reach between HKD0.5 billion and HKD0.8 billion. Given the company癒礎s solid sales performance, CICC raised its EPS forecasts for FY2027 and FY2028 by 11% and 10% to HKD1.1 and HKD1.1, respectively. Considering valuation fluctuations in the sector, the broker maintained its TP at HKD15.86, equivalent to 15x FY2027 forecast P/E, and reiterated its Outperform rating.(ad/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |