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<Research>Jefferies Trims CHOW TAI FOOK (01929.HK) TP to $15.88, Rating Buy
Recommend 10 Positive 13 Negative 10 |
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Jefferies released a research report believing that CHOW TAI FOOK (01929.HK)'s management strategy of improving operating margins through its multi-year brand revamp is in the right direction. However, the net profit forecasts of the market and Jefferies on CHOW TAI FOOK do not take into account strong sales growth and margin expansion, given the relatively weak consumer sentiment in both mainland China and Hong Kong markets. Currently, the stock is valued at 12x of projected PE ratio for FY2025, with a 5% dividend yield, which is not considered too expensive. Assuming gold price stays at the current level, the increase in gold price is expected to be conducive to the gross profit margin in the first half of the current fiscal year ending September 2024. Jefferies kept rating at Buy, and trimmed its target price from $17.02 to $15.88. AAStocks Financial News |
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