HK-listed Chow Tai Fook rises on strong quarterly sales; rivals gain

Luk Fook Holdings (International)

11/07/2023 06:27

** Shares of Chow Tai Fook Jewellery Group Ltd  1929.HK 
climb as much as 2.5% to HK$13.90, snapping four straight
sessions of losses 
    ** Stock marks biggest intra-day pct gain since June 9
    ** The jewellery chain operator says same-store sales (SSS)
in the mainland recorded positive growth of 8.5% for the
three-month quarter ended June, while SSS in Hong Kong and Macau
jumped 64.2% during the period
    ** Daiwa reiterates "buy" rating on the stock amid long-term
market share gain potential, but trims TP to HK$17.40 from HK$18
to factor in more cautious point-of-sales expansion assumptions
and product mix shift
    ** Smaller rivals Luk Fook Holdings  0590.HK  rises 2.4% and
Shanghai-listed Lao Feng Xiang  600612.SS  jumps 3.9%   
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
2.1%, the Hang Seng Consumption Index  .HSCGSI  surges 2.3% and
the Hang Seng Index  .HSI  adds 1.6%
    ** As of last close, Chwo Tai Fook shares down 14.8% this
year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))