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Chow Tai Fook Jewellery Group
(1929)
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Rating:68Neutral
Price Target:
HK$12.00
▲(4.90% 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 margin expansion
The company recorded a notable step-up in gross, operating and net margins alongside a return to revenue growth. Higher margins indicate improved pricing power, cost control and operational leverage that can sustainably enhance cash generation and funding capacity if maintained across cycles.
Negative Factors
Severe cash-flow deterioration
A dramatic drop in operating and free cash flow creates an earnings-quality concern: reported profits are not converting to cash. This raises risks around working-capital management, inventory build or timing effects and constrains funding for capex, dividends or debt reduction over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Material margin expansion
The company recorded a notable step-up in gross, operating and net margins alongside a return to revenue growth. Higher margins indicate improved pricing power, cost control and operational leverage that can sustainably enhance cash generation and funding capacity if maintained across cycles.
Read all positive factors
Chow Tai Fook Jewellery Group (1929) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$107.53B
Dividend Yield4.21%
Average Volume (3M)13.93M
Price to Earnings (P/E)11.8
Beta (1Y)1.04
Revenue Growth5.29%
EPS Growth53.87%
CountryHK
Employees26,500
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)0.92
Shares Outstanding9,865,367,000
10 Day Avg. Volume18,038,485
30 Day Avg. Volume13,927,995
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$16.90Price Target Upside47.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.06
Revenue Forecast (FY)HK$100.02B
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 to end customers through its branded retail network. Key revenue streams include: (1) Gold jewellery and gold products: revenue generated from the sale of gold-based ite...
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 | 98.94B |
| Gross Profit | 31.25B | 26.45B | 22.29B | 22.73B | 23.30B |
| EBITDA | 19.92B | 10.61B | 11.71B | 10.23B | 11.33B |
| Net Income | 9.00B | 5.92B | 6.50B | 5.38B | 6.71B |
Balance Sheet | |||||
| Total Assets | 85.85B | 76.52B | 88.82B | 87.34B | 87.74B |
| Cash, Cash Equivalents and Short-Term Investments | 8.26B | 7.58B | 7.70B | 11.73B | 14.94B |
| Total Debt | 28.45B | 20.79B | 29.89B | 22.11B | 25.98B |
| Total Liabilities | 55.68B | 49.13B | 62.07B | 53.98B | 53.18B |
| Stockholders Equity | 29.19B | 26.43B | 25.71B | 32.40B | 33.62B |
Cash Flow | |||||
| Free Cash Flow | 424.90M | 9.68B | 12.87B | 7.72B | 12.19B |
| Operating Cash Flow | 1.02B | 10.25B | 13.84B | 9.70B | 13.72B |
| Investing Cash Flow | -698.70M | -401.90M | -716.60M | -1.95B | -1.51B |
| Financing Cash Flow | 203.50M | -9.88B | -16.83B | -10.17B | -3.52B |
Chow Tai Fook Jewellery Group Technical Analysis
Negative
11.44
Price Trends
11.40
Negative
11.95
Negative
13.12
Negative
Market Momentum
0.07
Positive
44.86
Neutral
14.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1929, the sentiment is Negative. The current price of 11.44 is below the 20-day moving average (MA) of 11.72, above the 50-day MA of 11.40, and below the 200-day MA of 13.12, indicating a bearish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 14.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$1.80B | 3.91 | 5.10% | 4.05% | 10.23% | 66.75% | |
73 Outperform | HK$13.00B | 6.36 | 9.57% | 4.43% | 28.96% | 86.00% | |
68 Neutral | HK$107.53B | 11.85 | 33.61% | 4.21% | 5.29% | 53.87% | |
67 Neutral | HK$6.53B | 3.94 | 12.17% | 4.60% | 6.00% | 114.75% | |
65 Neutral | HK$6.67B | 6.95 | 21.02% | 1.70% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
46 Neutral | HK$176.92M | -0.93 | -55.04% | ― | -1.93% | ― |
* Consumer Cyclical Sector Average
HK:1929
Chow Tai Fook Jewellery Group
10.90
-1.98
-15.39%
HK:0116
Chow Sang Sang Holdings International
9.72
1.80
22.68%
HK:0887
Emperor Watch & Jewellery
0.25
-0.17
-40.10%
HK:0590
Luk Fook Holdings (International)
22.14
2.94
15.29%
HK:0417
Tse Sui Luen Jewellery (International) Ltd
0.71
-0.02
-2.74%
HK:6168
Zhou Liu Fu Jewellery Co., Ltd. Class H
15.28
-31.27
-67.18%
Chow Tai Fook Jewellery Group Corporate Events
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...
Chow Tai Fook Sets June Board Meeting to Approve FY2026 Results and Dividend Plan
May 22, 2026
Chow Tai Fook Jewellery Group has scheduled a board meeting for 11 June 2026 to review and approve the group’s annual results for the financial year ended 31 March 2026. The board will also consider a recommendation for a final dividend, wit...
Chow Tai Fook Signals 45–55% Profit Surge on Gold Tailwinds and Cost Discipline
May 6, 2026
Chow Tai Fook Jewellery Group issued a positive profit alert, telling investors it expects net profit for the year ended 31 March 2026 to rise by about 45–55% from a year earlier. The improvement is attributed to higher gold prices, a shift ...
Chow Tai Fook Balances Mainland Slowdown With Surging Hong Kong and Macao Sales
Apr 22, 2026
Chow Tai Fook Jewellery Group reported a 1.5% decline in group retail sales value for the quarter ended 31 March 2026, as weaker performance in the Chinese Mainland offset a strong rebound in Hong Kong and Macao. Same-store sales in self-operated ...
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.