FY27 Outlook; Maintaining Buy

研报英文原文证据摘录

FY27 Outlook; Maintaining Buy

China (PRC) | HK Retailers

Chow Tai Fook EquityJuneResearch11, 2026

ESTIMATE CHANGEFY27 Outlook; Maintaining Buy

FY26 NP growth of 52% is in line with its positive profit alert range of RATING BUY

+44-55% yoy, announced on 6 May. SSS for April/May has been strong for PRICE HK$11.27^

both HK/China market. Thus, it guided for a m-hsd sales growth for FY27. PRICE TARGET | % TO PT HK$17.20 | +53%

The transformation journey continues and mgm. targets 50% of its sales 52W HIGH-LOW HK$16.95 - HK$10.34

from higher margin fixed-priced jewelry. We maintain our Buy rating and PT FLOAT (%) | ADV MM (USD) 15.8% | 27.46

at HK$17.2. MARKET CAP HK$112.7B | $14.4B

TICKER 1929 HK

Strong SSSg trend for April/May. For Apr/May 26, CTF reported sss +19.7% and +15.2% for ^Prior trading day's closing price unless otherwise noted.

self-operated stores and franchise stores in ML China, respectively, and sss +40.6% in HK/

Macau. In both markets, weight-based gold jewelry outperformed fixed-priced jewelry, though

SSSg were positive across both. FY (Mar) CHANGE TO JEFe JEF vs CONS

2027 2028 2027 2028

FY27 guidance (assuming gold price at USD4300/oz):

REV +3% +4% NA NA

Financial guidance. Sales growth: +M-HSD yoy; GPM: 26.5%-27.5% driven by increase in EPS +11% <1% NA NA•

retail mix and sales mix from fixed price jewelry, OPM 14%, SG&A: 13.1-13.2%. Hedging

gain of HK$500-800m with a hedging ratio similar to 31Mar26's ~39-40%. 2027 (HK$) 1Half 2Half FY

Store opening. ML China, it expects a few store closures, which will support the gradual EPS -- -- 1.02•

stabilization of the POS network. 60% of the new store openings (gross) will be self- PREV 0.92

operated stores. HK/Macau, it plans to accelerate its store revamp and identify high- Results in March year end