Hot Stock Analysis Report: Chow Tai Fook (01929.HK)

Chow Tai Fook (01929.HK) has recently become a popular stock in the Hong Kong stock market, driven primarily by its interim results report for the first half of FY2026 released on November 25, 2025 [2]. The report shows that the company’s gross margin remains at a historically high level of 30.5%, operating profit margin reaches 17.5% (a 5-year high), and turnover is stable at HK$38.986 billion [3]. Flagship product lines (Forbidden City Collection, Chuan Fu and Chuan Xi Collections) recorded strong sales, contributing HK$3.4 billion in revenue (a year-on-year increase of 47.8%) [2]. In addition, the company plans to distribute a full-year dividend of HK$0.54 with a yield of 3.82%, and the ex-dividend date is December 15, 2025 [1].

Despite the excellent performance, market sentiment is divided: Daiwa Securities raised the target price to HK$18 and reaffirmed the “Buy” rating, while CLSA noted that sales and profits were slightly below market consensus [4]. Regarding the stock price, as of December 3, 2025, Chow Tai Fook closed at HK$14.15, which is in the upper-middle range of its 52-week interval (HK$6.43-HK$16.95). However, the trading volume on that day was only 969,153 shares, far lower than the 3-month average volume of approximately 16.7 million shares, indicating that trading volume has not increased in line with its popularity [1].

: The brand transformation has achieved significant results; the high dividend yield (3.82%) is attractive to investors, and institutions’ upward revisions of target prices also provide an upward reference.
: As a leading gold jewelry company, it is greatly affected by gold price fluctuations; the cancellation of the gold tax preferential policy in November 2025 may increase cost pressure; the current P/E ratio (TTM) is approximately 23.98, higher than the industry average, indicating a risk of valuation correction [1][6].

Chow Tai Fook has become a popular stock due to its excellent interim results and attractive high dividend yield, but attention should be paid to risk factors such as insufficient trading volume, gold price fluctuations, and policy changes. The support level is HK$14.00, the resistance level is HK$14.17, and the long-term key level is the 52-week high of HK$16.95 [1].

[1] Yahoo Finance - Chow Tai Fook (1929.HK) Stock Price, News, Quotes and Records
[2] Chow Tai Fook Jewellery Group FY2026 Interim Results Report
[3] HKEXnews - 2025/2026 Interim Results Briefing Materials
[4] Yahoo Finance - Chow Tai Fook (1929.HK) Interactive Stock Chart
[5] Eastmoney.com - Chow Tai Fook (01929) Stock Bar
[6] BossMind - Gold Tax Reform | China Abolishes Gold Tax Incentives, Impacting Both Investment and Consumption