花旗发布研报称，下调周大福目标价17.5%，由11.4港元降至9.4港元，评级“买入”。花旗指出，周大福截至今年9月底止中期收入疲弱，但纯利仍符预期，且基础利润率强劲，仅因金价飙升，期内对冲损失较大。另中期派息低于预期。由于“双11”活动促销提早开始，因此10月销售表现录得改善，但11月至今表现则偏软，因此需求复苏前景仍存在不确定性。Chow Tai Fook (01929) fell over 3%, as of the time of publication, it dropped 3.41% to 7.08 HKD with a transaction amount of 33.904 million HKD.
According to Zhitong Financial APP, Chow Tai Fook (01929) fell over 3%, as of the time of publication, it dropped 3.41% to 7.08 HKD with a transaction amount of 33.904 million HKD.
On the news front, Chow Tai Fook recently announced its interim results for the six months ending September, with a revenue of 39.408 billion HKD, a year-on-year decrease of 20.43%; profit attributable to shareholders was 2.53 billion HKD, a year-on-year decrease of 44.4%; basic earnings per share were 25.3 HKD cents, and a proposed interim dividend of 0.2 HKD per share, corresponding to a dividend payout ratio of 79%. Additionally, the company announced a share repurchase plan of up to 2 billion HKD.
Citi released a research report downgrading Chow Tai Fook's target price by 17.5%, from 11.4 HKD to 9.4 HKD, maintaining a 'buy' rating. Citi pointed out that Chow Tai Fook's interim revenue as of the end of September this year was weak, but net profit still met expectations, and the basic profit margin was strong, with significant hedging losses only due to soaring gold prices. Additionally, the interim dividend was lower than expected. The sales performance in October improved due to the early start of the November 11 shopping festival-related promotions, but performance from November to date has been soft, leading to uncertainty in the outlook for demand recovery.
