=MARKET BUZZ: Chow Tai Fook Jumps On Quarterly Sales; Citi Lifts Price Target
HONG KONG (Apr 17) -- Hong Kong-listed Chow Tai Fook Jewellery Group jumps 5.6% to HK$10.30, outperforming the market after jeweler says Monday its same-store sales for Hong Kong and Macau climbed 17% on-year in 4Q, while sales in mainland China grew 7%. Company's retail sales by value increased 11% in Hong Kong and Macau, and 13% in China. Citigroup says same-store sales growth in Hong Kong and Macau was “well above” expectation for mid-single digit expansion; revises target price to HK$11 from HK$10. “We believe CTF’s multi-brand positioning in China initiated over the past years will start to help enhance the sell-through of gem-set products and margin expansion going forward,” J.P. Morgan says, reiterating its overweight rating on stock. Hang Seng Index up 0.2%.
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