# Chow Tai Fook Jewellery Group (1929.HK)

Canonical: https://gigainvestors.com/s/1929.HK

Analysis as of: 2026-10-16T07:35:18.492Z. Financial observations: FY2009–FY2026.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 11.04 per share; close as of 2026-10-15.

Estimated value: low HKD 8.00 per share, central HKD 9.01 per share, high HKD 10.36 per share. Buy at or below the central value HKD 9.01 per share. Valuation as of 2026-10-16T07:35:18.492Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.16×

- FY2026: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.9%

- ROIC, second-lowest year: 10.2%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 28.1%

- Recent gross margin (lower of latest and 3-year median): 29.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 13.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.2%

- FY2018: 10.4%

- FY2019: 11.9%

- FY2020: 9.4%

- FY2021: 18.6%

- FY2022: 16.0%

- FY2023: 15.5%

- FY2024: 14.4%

- FY2025: 26.9%

- FY2026: 28.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD 36B

- Net income, five-year total: HKD 34B

- Return on incremental invested capital: 38.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 65.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.04×

- FY2023: 1.00×

- FY2024: 1.16×

- FY2025: 1.22×

- FY2026: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.4% vs 26.9%

- Per-share earnings: 0.31 to 0.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: HKD 36B

- Cumulative retained earnings: HKD 1.3M

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 9.9%

- Per-share value change: HKD 0.34

- Per-share value, starting three-year median: HKD 0.31

- Per-share value, ending three-year median: HKD 0.65

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: HKD 55M

- Cumulative net income, 10 years: HKD 54B

- ROIC, first three-year median: 10.4%

- ROIC, last three-year median: 26.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: HKD 0.31

- FY2018: HKD 0.41

- FY2019: HKD 0.46

- FY2020: HKD 0.29

- FY2021: HKD 0.60

- FY2022: HKD 0.67

- FY2023: HKD 0.54

- FY2024: HKD 0.65

- FY2025: HKD 0.59

- FY2026: HKD 0.88

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 9.3%

- Receivables to sales index (DSRI): 1.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.11×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.5%

- FY2018: 2.2%

- FY2019: -6.2%

- FY2020: -7.7%

- FY2021: -6.5%

- FY2022: -8.0%

- FY2023: -4.9%

- FY2024: -8.3%

- FY2025: -5.7%

- FY2026: 9.3%

## Holders

## Price story

Down 34% since Jan 2023 · sales +5.3%

Story as of 2026-10-16T10:00:04.354Z; price observation 2026-10-15.

Price needs cash profits to grow 3.6% a year for ten years

### Sales · FY2025–2026

sales +5.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: HKD 51B 

- FY2018: HKD 59B 

- FY2019: HKD 67B 

- FY2020: HKD 57B 

- FY2021: HKD 70B 

- FY2022: HKD 99B 

- FY2023: HKD 95B 

- FY2024: HKD 109B 

- FY2025: HKD 90B 

- FY2026: HKD 94B 

### Gross margin · FY2026

gross margin 33.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 29.2% 

- FY2018: 27.8% 

- FY2019: 27.9% 

- FY2020: 28.3% 

- FY2021: 28.9% 

- FY2022: 23.6% 

- FY2023: 24.0% 

- FY2024: 20.5% 

- FY2025: 29.5% 

- FY2026: 33.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in luxury goods; annual sales are HKD 94.4 billion.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2026-03-31 (filed 2026-10-16T07:35:18.492Z); FY2026: revenue 94398400000; grossProfit 31249900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1929.HK: Chow Tai Fook Jewellery Group Limited, an investment holding company, manufactures and sells jewelry products in Mainland China, Hong Kong, Macau, and internationally. The company provides gem-set, platinum and k-gold jewelry, and gold jewelry products under the CHOW TAI FOOK, HEARTS ON FIRE, ENZO, MONOLOGUE, and SOINLOVE brand names. It also distributes watches of various brands. In addition, the company is involved in the trading of diamonds; and the provision of services to franchisees. It sells its products through online platforms, as well as stores. The company was founded in 1929 and is headquartered in Central, Hong Kong. Chow Tai Fook Jewellery Group Limited is a subsidiary of Chow Tai Fook Capital Limited.

### Why customers stay

Margins ranged from 20.5% to 33.1% during 2024–26; it earns 14.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2024-03-31 (filed 2026-10-16T07:35:18.492Z); FY2024: grossProfit / revenue = 20.5%.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2025-03-31 (filed 2026-10-16T07:35:18.492Z); FY2025: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2026-03-31 (filed 2026-10-16T07:35:18.492Z); FY2026: grossProfit / revenue = 33.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:18.492Z); 10-year return on capital observations [[2017,0.10174011868936043],[2018,0.10389334463122825],[2019,0.11886644758960684],[2020,0.09444463114917079],[2021,0.18631016944292836],[2022,0.16044625658486153],[2023,0.15481398475336217],[2024,0.14364885932667315],[2025,0.26941909404961945],[2026,0.2795250331207583]]; median 0.14923142204001766. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back HKD 1.6 billion of shares.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2017-03-31 (filed 2026-10-16T07:35:18.492Z); FY2017: growth capex 0; upkeep 861900000; owner earnings 3033400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2018-03-31 (filed 2026-10-16T07:35:18.492Z); FY2018: growth capex 227900000; upkeep 856500000; owner earnings 4094900000. Growth capex / owner earnings = 0.05565459473979829.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2019-03-31 (filed 2026-10-16T07:35:18.492Z); FY2019: growth capex 454000000; upkeep 937800000; owner earnings 4576800000. Growth capex / owner earnings = 0.09919594476490125.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2020-03-31 (filed 2026-10-16T07:35:18.492Z); FY2020: growth capex 0; upkeep 973100000; owner earnings 3927080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2021-03-31 (filed 2026-10-16T07:35:18.492Z); FY2021: growth capex 0; upkeep 839300000; owner earnings 6995100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2022-03-31 (filed 2026-10-16T07:35:18.492Z); FY2022: growth capex 0; upkeep 1530700000; cash acquisitions 49800000; owner earnings 6956400000. Growth capex plus acquisitions / owner earnings = 0.007158875280317406.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2023-03-31 (filed 2026-10-16T07:35:18.492Z); FY2023: growth capex 0; upkeep 1981600000; cash acquisitions 0; owner earnings 5370160000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2024-03-31 (filed 2026-10-16T07:35:18.492Z); FY2024: growth capex 0; upkeep 963200000; cash acquisitions 5000000; owner earnings 7542260000. Growth capex plus acquisitions / owner earnings = 0.0006629312699376579.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2025-03-31 (filed 2026-10-16T07:35:18.492Z); FY2025: growth capex 0; upkeep 577900000; cash acquisitions 0; owner earnings 7221040000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2026-03-31 (filed 2026-10-16T07:35:18.492Z); FY2026: growth capex 0; upkeep 593400000; owner earnings 9160840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:18.492Z); Dividend observations: [[2017,5147500000],[2018,4260300000],[2019,6080600000],[2020,6243200000],[2021,2853300000],[2022,4689000000],[2023,5079400000],[2024,12497500000],[2025,5113900000],[2026,5327100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/1929.HK.json#2026-03-31 (filed 2026-10-16T07:35:18.492Z); FY2026: cash repurchases 1575200000 HKD.

### Are managers owners

Insiders own 84% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1929.HK SharesStats.PercentInsiders = 83.993 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.6% yearly over ten years; actual growth was 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:18.492Z); Ten-year compound average after fade. Initial solved rate 0.03875152476164312. Price 11.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.28468 → FY2026 0.8902922339815543. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 5.50 per share

- 2016-11: HKD 6.35 per share

- 2016-12: HKD 5.93 per share

- 2017-01: HKD 6.62 per share

- 2017-02: HKD 7.08 per share

- 2017-03: HKD 7.55 per share

- 2017-04: HKD 8.54 per share

- 2017-05: HKD 8.15 per share

- 2017-06: HKD 8.27 per share

- 2017-07: HKD 8.11 per share

- 2017-08: HKD 8.08 per share

- 2017-09: HKD 9.37 per share

- 2017-10: HKD 8.15 per share

- 2017-11: HKD 8.50 per share

- 2017-12: HKD 8.20 per share

- 2018-01: HKD 8.76 per share

- 2018-02: HKD 8.61 per share

- 2018-03: HKD 8.94 per share

- 2018-04: HKD 10.16 per share

- 2018-05: HKD 10.74 per share

- 2018-06: HKD 8.84 per share

- 2018-07: HKD 7.75 per share

- 2018-08: HKD 7.29 per share

- 2018-09: HKD 8.05 per share

- 2018-10: HKD 6.87 per share

- 2018-11: HKD 6.60 per share

- 2018-12: HKD 6.53 per share

- 2019-01: HKD 6.98 per share

- 2019-02: HKD 7.40 per share

- 2019-03: HKD 7.94 per share

- 2019-04: HKD 8.39 per share

- 2019-05: HKD 6.70 per share

- 2019-06: HKD 8.50 per share

- 2019-07: HKD 7.51 per share

- 2019-08: HKD 6.65 per share

- 2019-09: HKD 6.47 per share

- 2019-10: HKD 7.06 per share

- 2019-11: HKD 7.35 per share

- 2019-12: HKD 7.45 per share

- 2020-01: HKD 7.06 per share

- 2020-02: HKD 6.75 per share

- 2020-03: HKD 5.49 per share

- 2020-04: HKD 6.62 per share

- 2020-05: HKD 5.71 per share

- 2020-06: HKD 7.41 per share

- 2020-07: HKD 8.35 per share

- 2020-08: HKD 8.70 per share

- 2020-09: HKD 10.10 per share

- 2020-10: HKD 9.90 per share

- 2020-11: HKD 10.16 per share

- 2020-12: HKD 9.75 per share

- 2021-01: HKD 9.35 per share

- 2021-02: HKD 10.66 per share

- 2021-03: HKD 11.88 per share

- 2021-04: HKD 12.54 per share

- 2021-05: HKD 14.90 per share

- 2021-06: HKD 17.74 per share

- 2021-07: HKD 16.26 per share

- 2021-08: HKD 15.76 per share

- 2021-09: HKD 14.90 per share

- 2021-10: HKD 15.92 per share

- 2021-11: HKD 13.98 per share

- 2021-12: HKD 14.02 per share

- 2022-01: HKD 13.64 per share

- 2022-02: HKD 16.24 per share

- 2022-03: HKD 14.26 per share

- 2022-04: HKD 13.28 per share

- 2022-05: HKD 13.58 per share

- 2022-06: HKD 14.76 per share

- 2022-07: HKD 15.52 per share

- 2022-08: HKD 15.86 per share

- 2022-09: HKD 14.78 per share

- 2022-10: HKD 13.44 per share

- 2022-11: HKD 13.66 per share

- 2022-12: HKD 15.92 per share

- 2023-01: HKD 16.74 per share

- 2023-02: HKD 15.20 per share

- 2023-03: HKD 15.58 per share

- 2023-04: HKD 15.70 per share

- 2023-05: HKD 13.86 per share

- 2023-06: HKD 14.08 per share

- 2023-07: HKD 13.54 per share

- 2023-08: HKD 11.90 per share

- 2023-09: HKD 11.80 per share

- 2023-10: HKD 11.04 per share

- 2023-11: HKD 11.34 per share

- 2023-12: HKD 11.62 per share

- 2024-01: HKD 10.56 per share

- 2024-02: HKD 11.72 per share

- 2024-03: HKD 11.54 per share

- 2024-04: HKD 10.76 per share

- 2024-05: HKD 10.04 per share

- 2024-06: HKD 8.45 per share

- 2024-07: HKD 7.10 per share

- 2024-08: HKD 6.65 per share

- 2024-09: HKD 8.75 per share

- 2024-10: HKD 7.36 per share

- 2024-11: HKD 7.13 per share

- 2024-12: HKD 6.73 per share

- 2025-01: HKD 7.01 per share

- 2025-02: HKD 7.51 per share

- 2025-03: HKD 8.81 per share

- 2025-04: HKD 10.38 per share

- 2025-05: HKD 11.18 per share

- 2025-06: HKD 13.42 per share

- 2025-07: HKD 13.16 per share

- 2025-08: HKD 14.56 per share

- 2025-09: HKD 15.56 per share

- 2025-10: HKD 15.22 per share

- 2025-11: HKD 13.65 per share

- 2025-12: HKD 12.39 per share

- 2026-01: HKD 14.40 per share

- 2026-02: HKD 13.12 per share

- 2026-03: HKD 10.88 per share

- 2026-04: HKD 10.63 per share

- 2026-05: HKD 10.99 per share

- 2026-06: HKD 10.90 per share

- 2026-07: HKD 12.37 per share

- 2026-08: HKD 12.96 per share

- 2026-09: HKD 10.96 per share

- 2026-10: HKD 11.04 per share

## Annual estimated value (HKD per share)

- FY2017: low HKD 4.39 per share, central HKD 4.89 per share, high HKD 5.56 per share

- FY2018: low HKD 4.94 per share, central HKD 5.51 per share, high HKD 6.28 per share

- FY2019: low HKD 6.26 per share, central HKD 8.25 per share, high HKD 9.55 per share

- FY2020: low HKD 5.27 per share, central HKD 6.44 per share, high HKD 7.41 per share

- FY2021: low HKD 6.49 per share, central HKD 8.31 per share, high HKD 9.64 per share

- FY2022: low HKD 8.81 per share, central HKD 9.89 per share, high HKD 11.28 per share

- FY2023: low HKD 8.34 per share, central HKD 9.60 per share, high HKD 11.00 per share

- FY2024: low HKD 8.80 per share, central HKD 9.93 per share, high HKD 11.45 per share

- FY2025: low HKD 7.48 per share, central HKD 8.43 per share, high HKD 9.70 per share

- FY2026: low HKD 7.67 per share, central HKD 8.64 per share, high HKD 9.94 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:03.955Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations