We initiate coverage of Chow Tai Fook, the largest gold jewelry manufacturer and retailer in the Greater China region. The fixed-price jewelry revenue mix rose to 35% in fiscal 2026 from about 25% in fiscal 2021, driven by CTF's appealing product design and growing demand from young consumers.
An increase in affluent consumers with high spending power in China should support Chow Tai Fook’s fixed-price premium product sales.
Persistent decreases in gold prices could pressure the firm’s fixed-price product sales and profitability.
|
Metric
|
01929
|
06181
|
CFR
|
|---|---|---|---|
Price/Earnings (Normalized) | 8.98 | 7.60 | 36.32 |
Price/Book Value | 3.71 | 3.93 | 4.61 |
Price/Sales | 1.19 | 1.51 | 4.89 |
Price/Cash Flow | 6.15 | 6.98 | 20.33 |
|
Metric
|
01929
|
06181
|
CFR
|
|---|---|---|---|
Quick Ratio | 0.28 | 0.30 | 2.03 |
Current Ratio | 1.68 | 2.24 | 3.10 |
Interest Coverage | 15.48 | 46.70 | 14.54 |
|
Metric
|
01929
|
06181
|
CFR
|
|---|---|---|---|
Return on Assets (Normalized) | 16.55% | 35.91% | 8.65% |
Return on Equity (Normalized) | 51.68% | 66.75% | 15.82% |
Return on Invested Capital (Normalized) | 25.37% | 43.40% | 10.01% |
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1-Day Chart
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