Stock 1929 CHOW TAI FOOK JEWELLERY GROUP LIMITED
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Financials Chow Tai Fook Jewellery Group Limited

Equities

1929

KYG211461085

Apparel & Accessories

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
10.92 HKD +1.68% Intraday chart for Chow Tai Fook Jewellery Group Limited +5.00% -6.02%
Apr. 25 Jefferies Adjusts Chow Tai Fook Jewellery Group’s Price Target to HK$15.88 From HK$17.02, Keeps at Buy MT
Apr. 15 China stocks rise after new capital market guidelines; HK shares drop RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 79,400 54,900 118,800 142,600 155,800 109,066 - -
Enterprise Value (EV) 1 89,828 70,392 124,911 152,444 165,007 122,687 121,608 122,925
P/E ratio 17.3 x 18.9 x 19.7 x 21.3 x 29 x 14 x 12.4 x 11.2 x
Yield 4.41% 4.37% 3.37% 3.51% 3.21% 5.33% 5.83% 6.34%
Capitalization / Revenue 1.19 x 0.97 x 1.69 x 1.44 x 1.65 x 1.01 x 0.93 x 0.86 x
EV / Revenue 1.35 x 1.24 x 1.78 x 1.54 x 1.74 x 1.13 x 1.03 x 0.96 x
EV / EBITDA 11.8 x 12.3 x 12.8 x 14.8 x 15.3 x 9.23 x 8.48 x 7.84 x
EV / FCF 12.8 x 9.5 x 18.8 x 12.3 x 26.7 x 11.9 x 13.6 x 14.8 x
FCF Yield 7.84% 10.5% 5.32% 8.14% 3.74% 8.38% 7.36% 6.76%
Price to Book 2.58 x 2.08 x 3.86 x 4.13 x 4.81 x 3.58 x 3.27 x 2.99 x
Nbr of stocks (in thousands) 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 9,987,737 - -
Reference price 2 7.940 5.490 11.88 14.26 15.58 10.92 10.92 10.92
Announcement Date 6/6/19 6/11/20 6/8/21 6/9/22 6/8/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 66,661 56,751 70,164 98,938 94,684 108,442 117,859 127,481
EBITDA 1 7,592 5,718 9,775 10,290 10,773 13,291 14,336 15,670
EBIT 1 6,640 4,686 8,689 9,080 9,439 11,190 12,272 13,455
Operating Margin 9.96% 8.26% 12.38% 9.18% 9.97% 10.32% 10.41% 10.55%
Earnings before Tax (EBT) 1 6,352 4,204 8,395 8,983 7,446 10,589 12,010 13,281
Net income 1 4,577 2,901 6,026 6,712 5,384 7,896 8,812 9,752
Net margin 6.87% 5.11% 8.59% 6.78% 5.69% 7.28% 7.48% 7.65%
EPS 2 0.4580 0.2900 0.6030 0.6710 0.5380 0.7814 0.8780 0.9740
Free Cash Flow 1 7,039 7,412 6,646 12,408 6,174 10,282 8,953 8,309
FCF margin 10.56% 13.06% 9.47% 12.54% 6.52% 9.48% 7.6% 6.52%
FCF Conversion (EBITDA) 92.72% 129.61% 67.99% 120.58% 57.31% 77.35% 62.45% 53.02%
FCF Conversion (Net income) 153.8% 255.5% 110.28% 184.85% 114.66% 130.21% 101.6% 85.2%
Dividend per Share 2 0.3500 0.2400 0.4000 0.5000 0.5000 0.5820 0.6361 0.6920
Announcement Date 6/6/19 6/11/20 6/8/21 6/9/22 6/8/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 29,533 27,218 24,673 45,490 44,186 54,752 46,535 48,149 49,526 58,999 53,039 62,588
EBITDA - - - - - - - - - - - -
EBIT 1 - 2,268 3,456 5,233 4,840 4,241 4,349 5,090 5,989 5,236 5,152 6,808
Operating Margin - 8.33% 14.01% 11.5% 10.95% 7.75% 9.35% 10.57% 12.09% 8.87% 9.71% 10.88%
Earnings before Tax (EBT) - - - - - - - - 6,074 - - -
Net income 1 - - 2,232 3,794 - 3,132 3,336 2,049 4,551 3,748 - -
Net margin - - 9.05% 8.34% - 5.72% 7.17% 4.26% 9.19% 6.35% - -
EPS 2 0.1500 0.1400 0.2230 0.3800 0.3580 0.3130 0.3340 0.2040 0.4550 0.3700 0.3600 0.4900
Dividend per Share - - - - - - - - - - - -
Announcement Date 11/28/19 6/11/20 11/24/20 6/8/21 11/23/21 6/9/22 11/24/22 6/8/23 11/23/23 - - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 10,428 15,492 6,111 9,844 9,207 13,621 12,542 13,859
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.374 x 2.709 x 0.6252 x 0.9567 x 0.8546 x 1.025 x 0.8748 x 0.8844 x
Free Cash Flow 1 7,039 7,412 6,646 12,408 6,174 10,282 8,953 8,309
ROE (net income / shareholders' equity) 14.3% 10.2% 21.1% 20.9% 16.5% 25.1% 28% 28.1%
ROA (Net income/ Total Assets) 7.64% 4.55% 9.3% 8.83% 6.15% 8.83% 9.6% 9.91%
Assets 1 59,903 63,740 64,776 76,023 87,538 89,453 91,843 98,421
Book Value Per Share 2 3.080 2.630 3.080 3.460 3.240 3.050 3.340 3.660
Cash Flow per Share 2 0.8400 0.8400 0.7500 1.390 1.010 0.9300 1.200 1.190
Capex 1 1,392 973 839 1,531 1,982 2,028 2,070 2,154
Capex / Sales 2.09% 1.71% 1.2% 1.55% 2.09% 1.87% 1.76% 1.69%
Announcement Date 6/6/19 6/11/20 6/8/21 6/9/22 6/8/23 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chow Tai Fook Jewellery Group Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
10.92 HKD
Average target price
14.32 HKD
Spread / Average Target
+31.16%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Jewelry

1st Jan change Capi.
CHOW TAI FOOK JEWELLERY GROUP LIMITED Stock Chow Tai Fook Jewellery Group Limited
-6.02% 13.93B
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0.00% 1.05B
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