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Chow Tai Fook Jewellery Group
(1929)
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Rating:68Neutral
Price Target:
HK$15.00
▲(12.44% Upside)
Action:Reiterated
Date:06/13/26
The score is primarily driven by strong reported profitability improvement but meaningfully constrained by a major cash-flow reset that raises earnings-quality risk. Technicals are supportive with price strength versus short- and mid-term averages and positive MACD, while valuation is helped by a mid-teens P/E and a solid dividend yield.
Positive Factors
Material Profitability Expansion
The sharp improvement in gross, operating and net margins indicates stronger earnings capacity and product economics. If supported by the group’s brand and operating model, this provides a durable base for profitability over the next several quarters.
Negative Factors
Severe Cash-Flow Deterioration
The large gap between reported earnings and cash generation raises earnings-quality concerns and may reflect working-capital, inventory or timing pressures. Persistently weak conversion could constrain reinvestment, dividends and financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Material Profitability Expansion
The sharp improvement in gross, operating and net margins indicates stronger earnings capacity and product economics. If supported by the group’s brand and operating model, this provides a durable base for profitability over the next several quarters.
Read all positive factors
Chow Tai Fook Jewellery Group (1929) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$121.16B
Dividend Yield5.52%
Average Volume (3M)16.84M
Price to Earnings (P/E)13.2
Beta (1Y)0.96
Revenue Growth5.29%
EPS Growth53.87%
CountryHK
Employees24,700
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)0.92
Shares Outstanding9,866,331,000
10 Day Avg. Volume19,821,694
30 Day Avg. Volume16,843,964
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)3.69
Price to Sales (P/S)1.14
P/FCF Ratio253.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$17.65Price Target Upside32.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.06
Revenue Forecast (FY)HK$100.09B
Chow Tai Fook Jewellery Group Business Overview & Revenue Model
Company Description
Chow Tai Fook Jewellery Group Limited functions as an investment holding company, primarily engaged in the manufacturing and sale of diverse jewelry products. The company offers a wide selection of items, including gem-set, platinum, and k-gold je...
How the Company Makes Money
Chow Tai Fook primarily makes money by selling jewellery and related products through a multi-channel retail model. The company’s key revenue streams generally consist of: (1) Retail sales from self-operated stores: revenue earned from direct-to-c...
Chow Tai Fook Jewellery Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
28
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 94.40B | 89.66B | 108.71B | 94.68B | 70.16B |
| Gross Profit | 31.25B | 26.45B | 22.29B | 22.73B | 20.26B |
| EBITDA | 19.06B | 10.61B | 11.71B | 10.23B | 10.87B |
| Net Income | 9.00B | 5.92B | 6.50B | 5.38B | 6.03B |
Balance Sheet | |||||
| Total Assets | 85.85B | 76.52B | 88.82B | 87.34B | 64.31B |
| Cash, Cash Equivalents and Short-Term Investments | 8.26B | 7.58B | 7.70B | 11.73B | 6.03B |
| Total Debt | 28.45B | 20.79B | 29.89B | 22.11B | 13.64B |
| Total Liabilities | 55.68B | 49.13B | 62.07B | 53.98B | 32.74B |
| Stockholders Equity | 29.19B | 26.43B | 25.71B | 32.40B | 30.77B |
Cash Flow | |||||
| Free Cash Flow | 424.90M | 9.68B | 12.87B | 7.72B | 9.39B |
| Operating Cash Flow | 1.02B | 10.25B | 13.84B | 9.70B | 10.23B |
| Investing Cash Flow | -698.70M | -401.90M | -716.60M | -1.95B | -779.90M |
| Financing Cash Flow | 203.50M | -9.88B | -16.83B | -10.17B | -10.85B |
Chow Tai Fook Jewellery Group Technical Analysis
Neutral
13.34
Price Trends
12.10
Positive
11.54
Positive
12.04
Positive
Market Momentum
0.02
Positive
45.91
Neutral
10.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1929, the sentiment is Neutral. The current price of 13.34 is above the 20-day moving average (MA) of 12.81, above the 50-day MA of 12.10, and above the 200-day MA of 12.04, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 45.91 is Neutral, neither overbought nor oversold. The STOCH value of 10.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1929.
Chow Tai Fook Jewellery Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$2.14B | 3.79 | 9.96% | 6.80% | 8.83% | 109.28% | |
76 Outperform | HK$9.48B | 3.18 | 19.31% | 7.78% | 16.22% | 151.59% | |
69 Neutral | HK$12.87B | 6.24 | 14.28% | 6.50% | 28.96% | 86.00% | |
68 Neutral | HK$121.16B | 13.20 | 33.61% | 5.52% | 5.29% | 53.87% | |
65 Neutral | HK$5.92B | 5.17 | 22.49% | 8.03% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$179.41M | 1.53 | 27.01% | 1.77% | -1.93% | ― |
* Consumer Cyclical Sector Average
HK:1929
Chow Tai Fook Jewellery Group
12.14
-3.38
-21.78%
HK:0116
Chow Sang Sang Holdings International
13.75
0.50
3.77%
HK:0887
Emperor Watch & Jewellery
0.30
0.03
9.49%
HK:0590
Luk Fook Holdings (International)
21.72
-3.89
-15.20%
HK:0417
Tse Sui Luen Jewellery (International) Ltd
0.71
-0.91
-56.21%
HK:6168
Zhou Liu Fu Jewellery Co., Ltd. Class H
13.29
-34.08
-71.94%
Chow Tai Fook Jewellery Group Corporate Events
Chow Tai Fook posts strong quarterly sales as brand transformation drives luxury push
Jul 23, 2026
Chow Tai Fook Jewellery Group reported a 15.1% rise in retail sales value for the quarter ended 30 June 2026, buoyed by strong performance in both the Chinese Mainland and Hong Kong and Macao, which contributed 83.6% and 16.4% of sales respectivel...
Chow Tai Fook Shareholders Back AGM Resolutions, Dividend and Capital Mandates
Jul 22, 2026
Chow Tai Fook Jewellery Group Limited, a leading Hong Kong-listed jewellery retailer focused on gold and gem-set products for mass and premium consumers, operates an extensive network across Greater China and key international markets. Its scale i...
Chow Tai Fook Lowers Convertible Bond Conversion Price After Final Dividend
Jul 22, 2026
Chow Tai Fook Jewellery Group has announced an adjustment to the conversion price of its HK$8.8 billion 0.375% convertible bonds due 2030, following the declaration of a final dividend of HK$0.45 per share for the year ended 31 March 2026. In line...
Chow Tai Fook Reshapes Board Committees After Director’s Passing
Jul 22, 2026
Chow Tai Fook Jewellery Group has adjusted the composition of its board committees following the recent passing of former independent non-executive director Mr. Kwong Che-Keung, Gordon. The company has moved to reinforce its governance structure b...
Chow Tai Fook Clarifies Board Roles and Committee Structure Ahead of 2026
Jul 22, 2026
Chow Tai Fook Jewellery Group Limited, a major Hong Kong-based jewellery retailer and manufacturer, operates across Greater China with a focus on mass luxury and high-end jewellery products. Its board, composed of executive and independent non-exe...
Chow Tai Fook Sets Out Board and Committee Structure Effective July 2026
Jul 7, 2026
Chow Tai Fook Jewellery Group Limited has announced the composition of its board of directors, confirming a structure that combines multiple executive directors with a broad slate of independent non-executive directors. Key leadership roles includ...
Chow Tai Fook Announces Death of Independent Director and Adjusts AGM Resolution
Jul 7, 2026
Chow Tai Fook Jewellery Group has announced the passing of independent non-executive director Mr. Kwong Che-Keung, Gordon, who also chaired the audit committee and sat on the remuneration committee. The board paid tribute to his 15 years of servic...
Chow Tai Fook Sets AGM to Approve Dividend, Board Mandates and Share Issue Authority
Jun 17, 2026
Chow Tai Fook Jewellery Group has called its annual general meeting for 22 July 2026 in Hong Kong, where shareholders will consider adoption of the audited financial statements for the year ended 31 March 2026 and the declaration of a final divide...
Chow Tai Fook Releases FY2026 Results and Early Operational Data
Jun 11, 2026
Chow Tai Fook Jewellery Group Limited announced its audited annual results for the year ended 31 March 2026, fulfilling Hong Kong listing requirements for a preliminary disclosure of full-year financial performance. The company also released unaud...
Chow Tai Fook Releases Investor Presentation on 2026 Annual Results
Jun 11, 2026
Chow Tai Fook Jewellery Group Limited has released an investors presentation covering its annual results for the financial year ended 31 March 2026. The materials, approved by chairman Dr. Cheng Kar-Shun, Henry and the board, are intended to brief...
Chow Tai Fook Declares HK$0.45 Final Dividend for FY2026
Jun 11, 2026
Chow Tai Fook Jewellery Group has announced a final ordinary dividend of HK$0.45 per share for the financial year ended 31 March 2026, underscoring its continued commitment to shareholder returns. Subject to shareholder approval on 22 July 2026, t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.