Group 1 - Silchester International Investors LLP reduced its stake in Luk Fook Holdings (00590.HK) by selling 635,000 shares at an average price of HKD 25.8245 per share, amounting to approximately HKD 16.39986 million [1] - Following the sale, Silchester's total shareholding decreased to 75,912,600 shares, resulting in a reduction of its ownership percentage from 13.04% to 12.93% [1]

Core Viewpoint - Silchester International Investors LLP has reduced its stake in Six Fortune Group (00590) by selling 635,000 shares at a price of HKD 25.8245 per share, totaling approximately HKD 16.3986 million, resulting in a new holding of 75.9126 million shares, representing 12.93% of the company [1] Group 1 - Silchester International Investors LLP sold 635,000 shares of Six Fortune Group [1] - The sale price was HKD 25.8245 per share [1] - The total amount raised from the sale was approximately HKD 16.3986 million [1] Group 2 - After the reduction, Silchester's latest holding is 75.9126 million shares [1] - The new holding percentage is 12.93% [1]

香港联交所最新资料显示，10月27日，Silchester International Investors LLP减持六福集团(00590)63.5万 股，每股作价25.8245港元，总金额约为1639.86万港元。减持后最新持股数目为7591.26万股，最新持股 比例为12.93%。 ...

Company Performance - The company reported a retail value growth of 18% year-on-year for 2QFY26, with retail values in mainland China, Hong Kong, Macau, and overseas increasing by 20% and 13% respectively [1] - Same-store sales in mainland China for self-operated and brand stores grew by 3% and 27%, while same-store sales in Hong Kong, Macau, and overseas markets increased by 11% [1] Retail Growth Acceleration - Retail growth in 2QFY26 accelerated compared to previous quarters, with group retail value and same-store sales increasing by 18% and 10% year-on-year respectively [1] - The growth in mainland China was primarily driven by priced gold products, which accounted for 15% of retail during the quarter [1] Gold Product Performance - Priced gold products continued to perform strongly, with same-store sales in mainland China for self-operated and brand stores growing by 3% and 28% respectively [2] - The same-store sales for priced gold products in Hong Kong, Macau, and overseas markets turned positive, increasing by 6% [2] October Sales Trends - Sales momentum continued positively in October, with same-store sales in mainland China and Hong Kong, Macau, and overseas regions growing by 16%/51% and 19% respectively during the period from October 1 to 14 [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at 2.55 and 2.99 HKD, with the current stock price corresponding to 10/9 times FY26/27 earnings [2] - The target price has been raised by 26% to 30.55 HKD, reflecting an 18% upside potential from the current stock price [2]

中金主要观点如下： 智通财经APP获悉，中金发布研报称，基本维持六福集团(00590)FY26、FY27 EPS预测2.55、2.99港 元，当前股价对应10/9倍FY26/27年市盈率，维持跑赢行业评级。考虑行业估值中枢提升，上调目标价 26%至30.55港元，对应12/10倍FY26/27年市盈率，较当前股价有18%的上行空间。 10月以来终端销售延续良好势头 虽然9月以来金价快速上行并高位波动，但居民对金价有所适应，10月1日-14日期间，六福集团中国内 地自营店/品牌店、中国港澳及海外地区同店分别同比增长16%/51%、19%，继续呈现良好趋势。 风险提示：金价大幅波动，行业竞争加剧，终端零售环境不及预期。 2QFY26集团零售值、同店销售分别同比增长18%、10%，环比继续加速。1)中国内地零售值同比增长 20%，主要由定价黄金产品驱动，季内零售占比达15%。内地自营/品牌店季内同店销售分别同比增长 3%/27%，自营店净增20家至216家，品牌店净减72家至2,767家;2)中国港澳及其他市场零售值同比增长 13%，同店销售同比增长11%，其中中国香港/澳门、海外市场分别同比增长10%/15%、1 ...

Group 1 - The stock of Luk Fook Holdings (00590.HK) increased by over 4% on October 24, reaching a rise of 4.39% and trading at 26.16 HKD [1] - The trading volume amounted to 19.5497 million HKD [1]

Group 1 - The core point of the article is that Luk Fook Holdings (00590) has seen a stock price increase of over 4%, currently trading at HKD 26.16 with a trading volume of HKD 19.54 million [1] - The company announced that its overall retail value, retail revenue, and same-store sales for the second quarter exceeded the first quarter, with increases of 18%, 15%, and 10% respectively [1] - Retail value and retail revenue in Hong Kong, Macau, and overseas markets rose by 13%, while same-store sales improved to a double-digit increase of +11% [1] Group 2 - Citigroup released a report indicating that Luk Fook's sales data for the second quarter of fiscal year 2026 fell short of their expectations; however, discussions with management suggested that the profit margin for the first half of fiscal year 2026 is better than anticipated [1] - Citigroup expects the mid-term results to be announced in late November, forecasting an 18% revenue growth, a gross margin expansion of 2.3 percentage points to 35%, and a decrease in general and administrative expenses and sales by 2.4 percentage points to 18.9% [1] - The report also anticipates an increase in hedging losses to HKD 400 million and a net profit growth of 31% [1]

Group 1 - The core viewpoint of the article highlights that Luk Fook Holdings (00590) has seen a stock price increase of over 4%, currently trading at HKD 26.16 with a transaction volume of HKD 19.54 million [1] - The company announced that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, with increases of 18%, 15%, and 10% respectively [1] - Retail value and income in Hong Kong, Macau, and overseas markets rose by 13%, while same-store sales improved to a double-digit growth of +11% [1] Group 2 - Citigroup released a report indicating that Luk Fook's sales data for the second quarter of fiscal year 2026 fell short of their expectations; however, discussions with management revealed that the profit margin for the first half of fiscal year 2026 is better than anticipated [1] - Citigroup expects the mid-term results to be announced in late November, forecasting an 18% revenue growth, a gross margin expansion of 2.3 percentage points to 35%, and a decrease in general and administrative expenses and sales by 2.4 percentage points to 18.9% [1] - The report also anticipates an increase in hedging losses to HKD 400 million and a net profit growth of 31% [1]

Summary of the Conference Call for Luk Fook Holdings Company Overview - **Company**: Luk Fook Holdings - **Date**: October 2025 Key Points Industry Performance - The retail value of the company significantly increased due to the Golden Week and Mid-Autumn Festival, with a notable 67% growth in priced gold categories [2][5] - Sales in Hong Kong, Macau, and overseas markets rose by 19% year-on-year, while retail sales in mainland China increased by 51% [2][5] - The overall retail value grew by 18% and retail income by 15% in Q3 2025, with same-store sales up by 10% [4] Financial Highlights - The average price of priced jewelry rose by 40% year-on-year, contributing to a 51% increase in brand store sales [2][6] - The rapid growth of priced gold jewelry is expected to enhance the company's overall gross margin and net profit, although fluctuations in gold prices remain a concern [2][7] - The company anticipates higher hedge losses in the first half of the fiscal year compared to last year, but overall income and profit conditions are good, minimizing the impact [8] Market Expansion - The company plans to expand its overseas market primarily through franchising, targeting a net increase of 20 overseas stores by the end of 2025 [3][18] - The performance of newly opened stores in Vietnam is promising, with plans for further expansion in the future [15] E-commerce and Retail Strategy - E-commerce channels account for over 60% of sales and are performing well, contributing to a 23% year-on-year increase in overall retail income [2][9][10] - The company has adjusted its promotional strategies, leading to a slight slowdown in same-store growth in mainland China [9] Pricing Strategy - The company has raised prices for priced products in late October 2025, which contributed to strong same-store performance in the first half of the month [11] - Seasonal variations in the proportion of priced jewelry were noted, with a 2% increase in low-priced jewelry to 22% during July-September 2025 [12] Profit Margins - The gross margin for weight categories was 26% last year, while priced categories were at 39%. The company expects an increase in gross margins this year, although the growth rate may not match last year's due to base effects [14] Product Development - New product lines, such as the Tang Palace series, have received positive feedback, and the company plans to continue launching various new designs [19] Dividend Policy - The dividend policy remains unchanged, with a minimum payout of HKD 1.1 per share and a payout ratio of 40%-45% [20]

Core Viewpoint - Citigroup's report indicates that the sales data for Luk Fook Holdings in the second quarter of the fiscal year 2026 (ending September) fell short of expectations, but discussions with management revealed that the profit margin for the first half of fiscal year 2026 is better than anticipated [1] Financial Performance Summary - Citigroup expects Luk Fook's mid-term performance to be announced in late November, forecasting an 18% revenue growth [1] - Gross margin is projected to expand by 2.3 percentage points to 35% compared to previous years [1] - Selling, General and Administrative expenses (SG&A) are expected to decrease by 2.4 percentage points to 18.9% [1] - Hedging losses are anticipated to increase to HKD 400 million [1] - Net profit is forecasted to grow by 31% [1] Profit Forecast Adjustments - Citigroup has raised its net profit forecasts for Luk Fook Holdings for the fiscal years 2026 to 2029 by 22%, 19%, and 9% respectively [1] - The firm believes that the group's valuation remains attractive [1] Rating and Target Price - Citigroup maintains a "Buy" rating for Luk Fook Holdings, increasing the target price from HKD 30.8 to HKD 34.2 [1]