HK's Chow Tai Fook hits record high on quarterly sales growth

Luk Fook Holdings (International)

13/04/2021 02:54

** Chow Tai Fook Jewellery Group Ltd's  1929.HK  shares rise
as much 4.8% to HK$13.48, record high since listing in December
2011
    ** Jewellery chain operator says its retail sales jumped
152.6% in January-March quarter vs same period a year earlier
    ** Quarterly same-stores sales grow 141.2% in China, up
31.2% in Hong Kong and Macau  urn:newsml:reuters.com:*:nFWN2M50EJ
    ** Company says sharp rise following low base of comparison
due to COVID-19 pandemic
    ** Improved consumer sentiment and soft gold price supported
strong performance in Mainland China; Challenging macro
environment and closure of major border crossings weighed on
retail demand in Hong Kong and Macau - Company
    ** Brokerage Nomura maintains "buy" on stock, while raising
PT to HK$16.1 from HK$12.70
    ** Rival Luk Fook Holdings International  0590.HK  climbs as
much as 5.5% to HK$21.90, highest since March 31
    ** Hang Seng China enterprises index  .HSCE  climbs 0.5%,
benchmark index  .HSI  gains 0.7%
    ** As of last close, Chow Tai Fook shares surged 31.9% this
year

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)