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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Chow Tai Fook Jewellery Group Limited    1929   KYG211461085

CHOW TAI FOOK JEWELLERY GROUP LIMITED

(1929)
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Jeweller Chow Tai Fook named in price-fixing probe-report

07/19/2013 | 02:05am EST
A woman walks past a Chow Tai Fook Jewellery store in Hong Kong

HONG KONG (Reuters) - Chow Tai Fook Jewellery Group Ltd (>> Chow Tai Fook Jewellery Group Ltd), the world's biggest jewellery retailer by market value, is among a number of gold shops being probed for price fixing, the official People's Daily newspaper reported.

HONG KONG (Reuters) - Chow Tai Fook Jewellery Group Ltd (>> Chow Tai Fook Jewellery Group Ltd), the world's biggest jewellery retailer by market value, is among a number of gold shops being probed for price fixing, the official People's Daily newspaper reported.

Shares of Hong Kong-based Chow Tai Fook and other jewellery stores named in the report, including Chow Sang Sang International Holdings Ltd (>> Chow Sang Sang Holdings Intrnl Ltd), fell on the news.

The People's Daily, citing unidentified sources, said China's National Development and Reform Commission was probing price manipulation by some jewellery shops in the commercial capital of Shanghai.

The online report, which was later reposted on a government web site, said several shops had admitted to authorities that they colluded on prices.

A spokeswoman for Chow Sang Sang told Reuters the company did not know why it had been named in the report.

"We don't understand why we got involved in the story," spokeswoman Cathy Tam said.

"We set the gold price every day based on the New York market close. The gold price is the same within the whole region of China and we don't have district differences."

A spokeswoman for Chow Tai Fook told Reuters the company planned to issue a statement in response to the report later on Friday.

Shanghai-based jewellery retailer Lao Feng Xiang (>> Lao Feng Xiang Co Ltd), which was also named in the report, could not immediately be reached for comment.

Shares in Chow Tai Fook fell 3.2 percent by midday and was set for its worst day in four weeks, while Chow Sang Sang shed 0.8 percent.

Gold posted a record quarterly fall from April-June, luring mainland Chinese buyers to Chow Tai Fook's almost 1,800 jewellery and gold stores across China, Hong Kong and Macau.

The company earlier this month reported a 63 percent spike in first-quarter revenue, with sales of gold products from its own stores soaring 78 percent in the quarter ended June 30.

The shares of firms not named in the report also fell, with Emperor Jewellery & Watch (>> Emperor Watch & Jewellery Limited) tumbling 4.8 percent, and Luk Fook Holdings (International) Ltd (>> Luk Fook Holdings (International) Ltd.) falling 1.8 percent.

The benchmark Hang Seng Index <.HSI> was trading up 0.2 percent by midday.

(Reporting By Yimou Lee, Twinnie Siu and Lavinia Mo; Editing by Richard Pullin)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 2.79% 9.59 End-of-day quote.8.98%
CHOW TAI FOOK JEWELLERY GROUP LIMITED -2.05% 9.56 End-of-day quote.-1.95%
EMPEROR WATCH & JEWELLERY LIMITED -2.63% 0.111 End-of-day quote.-2.63%
HANG SENG -2.48% 29433.69 Real-time Quote.8.09%
LAO FENG XIANG CO., LTD. -1.21% 47.3 End-of-day quote.4.35%
LUK FOOK HOLDINGS (INTERNATIONAL) LIMITED -2.34% 17.54 End-of-day quote.-6.20%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.69% 245.821 Real-time Quote.0.96%
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Financials
Sales 2021 61 525 M 7 937 M 7 937 M
Net income 2021 4 573 M 590 M 590 M
Net Debt 2021 13 544 M 1 747 M 1 747 M
P/E ratio 2021 21,1x
Yield 2021 3,66%
Capitalization 96 200 M 12 409 M 12 410 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,52x
Nbr of Employees 28 100
Free-Float 17,5%
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Mean consensus BUY
Number of Analysts 16
Average target price 12,34 HKD
Last Close Price 9,62 HKD
Spread / Highest target 50,7%
Spread / Average Target 28,2%
Spread / Lowest Target 6,03%
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NameTitle
Siu Kee Wong Managing Director & Executive Director
Kar-Shun Cheng Chairman
Ping-Hei Cheng Secretary, Executive Director & Finance Director
Siu-Kwong Tsang Head-Information & Communication Centre
Chi Kong Cheng Executive Director
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