Core Viewpoint - Chow Tai Fook Jewelry Group Limited (00659.HK) announced the conversion of its HKD 850 million 2.80% convertible bonds due in 2027 into new shares, with all outstanding bonds expected to be converted by March 10, 2026 [1] Group 1 - The company has delivered conversion notices for all outstanding bonds to the main agent as of the announcement date [1] - Following the conversion, there will be no outstanding bonds issued by the company [1] - The board has notified the Vienna Stock Exchange that the last trading day for the bonds will be March 6, 2026, and the bonds are expected to be delisted on March 10, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告僅作參考用途，並不構成要約出售或招攬要約購買任何證券，而本公告或其所載內容亦不構 成任何合約或承諾之基準。本公告或其任何副本不得攜入美國或於該地分發。 本公告所載資料不會於美國或其境內直接或間接分發。本公告並不構成或組成於美國購買或認購證 券之任何要約或招攬之一部分。本公告所述之新股份及債券並未亦將不會根據證券法登記，且除非 已根據證券法之登記規定登記或獲豁免登記，否則將不得於美國提呈發售或出售。新股份或債券將 不會於美國公開發售。 （於百慕達註冊成立之有限公司） （股份代號：00659） 海外監管公告 悉數轉換於2027年到期的850,000,000港元 2.80%可換股債券並撤回上市 本海外監管公告乃由周大福創建有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲提述本公司日期為2025年7月10日、2025年7月21日、2025年11月24日、2025年1 ...

周大福创建(00659):升目标价至11.5港元,维持"跑赢大市"评级 里昂发布研报称，因应周大福(12.26,-0.17,-1.37%)创建(8.62,-0.18,-2.04%)(00659)公布去年12月底止 2026财年中期业绩，该行基于对收费道路及周大福创建寿险较高的盈利预测，将经常性盈利预测上调2%至3%。 每股股息增长继续获其自由现金流良好支持。该行认为，以6.8%的2027财年预测股息率计，加上股份于3月9日 获纳入港股通，周大福创建仍处于有利位置可望迎来重估。里昂将目标折让收窄至10%，因此将目标价由8.8港 元上调至11.5港元，此目标价意味着目标股息率为5.2%。维持跑赢大市评级。 里昂将周大福创建经常性利润预测轻微上调2%至3%，因提高按权益会计法入账的收费道路盈利预测，以及 公司寿险业务的收入预测。此等利好因素部分被下调建筑业务利润率预测，以及下调ATL物流中心出租率预测 所抵销。在经常性利润之上，该行亦计入2026财年上半年就若干道路确认的1.05亿元减值开支，导致2026财年 预测名义盈利净下调3%。 里昂证券 ...

Core Viewpoint - The performance of Chow Tai Fook in the first half of the fiscal year aligns with expectations, showcasing resilience through a diversified business portfolio and a commitment to gradual dividend growth [1][3]. Financial Performance - For the first half of the fiscal year, Chow Tai Fook recorded a profit attributable to shareholders of HKD 1.334 billion, representing a year-on-year increase of 15%. Total revenue increased by 5.9% to HKD 12.827 billion, driven by strong growth in the insurance business [1]. - The company declared an interim dividend of HKD 0.28 per share, reflecting a year-on-year increase of approximately 3%, with the total interim dividend amount rising by about 6% to HKD 1.27 billion [1]. Business Segment Performance - The financial services segment emerged as the main growth driver, with attributable operating profit increasing by 19% to HKD 729 million, and annualized premium income rising significantly by 48%, while new business value grew by 39% [2]. - The logistics and construction segments faced external challenges, with profits declining by 14% and 21%, respectively. The company plans to optimize its business portfolio, focusing on potential growth areas and continuing to strengthen its financial services as a core pillar [2]. Financial Health - As of the end of 2025, the company has approximately HKD 31 billion in available liquidity, with cash and bank deposits amounting to HKD 20.9 billion, significantly exceeding current liabilities. Debt due within one year decreased by 28% to HKD 6.8 billion, and net debt fell by 6% to HKD 13.8 billion, improving the net debt ratio to 34% [2]. - The average borrowing cost has decreased to approximately 4.0% from 4.2% in the same period last year [2]. Investment Outlook - The company maintains a "Buy" rating with an increased target price of HKD 10.6, supported by its diversified business model and strong performance in the financial services sector. The company is expected to sustain stable growth over the next three years, supporting its progressive dividend policy [3]. - The forecasted adjusted EBITDA for FY26/27/28 is approximately HKD 7.39 billion, HKD 7.75 billion, and HKD 8.02 billion, respectively. The company's re-inclusion in the Hang Seng Composite Index and potential short-term inclusion in the Stock Connect is anticipated to further enhance its valuation [3].

Investment Rating - The report maintains a positive outlook on Chow Tai Fook Enterprises (CTFS), indicating potential for valuation re-rating following its inclusion in the Hong Kong Stock Connect on March 9, 2026 [5]. Core Insights - The report highlights the resilience of CTFS's integrated business model, with growth in its life insurance segment offsetting weaknesses in other areas. The mid-term dividend increase exceeded expectations, supported by strong free cash flow [5]. - The stock is expected to attract yield-seeking investors due to its stable dividend growth, which remains higher than the average dividend yield of comparable companies in the Hong Kong market [5]. Company Overview - Chow Tai Fook Enterprises is a flagship infrastructure and services company under New World Development, with core assets including toll roads in Hong Kong and mainland China, logistics centers, and life insurance operations [8]. Revenue Breakdown - Revenue by Product: - Construction: 65.3% - Insurance: 13.1% - Toll Roads: 10.6% - Facility Management: 10.4% [9] - Revenue by Region: - Asia: 100% - Americas: 0.0% - Europe: 0.0% - Middle East and Africa: 0.0% [9] Stock Information - Stock Price (as of March 3, 2026): HKD 8.8 - Market Capitalization: USD 5.11 billion - Average Daily Trading Volume (3 months): USD 2.52 million - Consensus Target Price: HKD 9.37 [12].

里昂发布研报称，因应周大福创建(00659)公布去年12月底止2026财年中期业绩，该行基于对收费道路 及周大福创建寿险较高的盈利预测，将经常性盈利预测上调2%至3%。每股股息增长继续获其自由现金 流良好支持。该行认为，以6.8%的2027财年预测股息率计，加上股份于3月9日获纳入港股通，周大福 创建仍处于有利位置可望迎来重估。里昂将目标折让收窄至10%，因此将目标价由8.8港元上调至11.5港 元，此目标价意味着目标股息率为5.2%。维持跑赢大市评级。 里昂将周大福创建经常性利润预测轻微上调2%至3%，因提高按权益会计法入账的收费道路盈利预测， 以及公司寿险业务的收入预测。此等利好因素部分被下调建筑业务利润率预测，以及下调ATL物流中心 出租率预测所抵销。在经常性利润之上，该行亦计入2026财年上半年就若干道路确认的1.05亿元减值开 支，导致2026财年预测名义盈利净下调3%。 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price raised to HKD 10.60, indicating a potential upside of 20.5% from the current price of HKD 8.80 [3][8]. Core Insights - The company's diversified business model demonstrates resilience and financial stability, contributing to growth. The financial services segment has emerged as a key growth driver, with a significant increase in operating profit and new business value [5][6]. - Chow Tai Fook's total revenue for the first half of the fiscal year 2026 increased by 5.9% year-on-year to HKD 12.83 billion, supported by strong growth in the insurance business [5][6]. - The company declared an interim dividend of HKD 0.28 per share, reflecting a year-on-year increase of approximately 3%, showcasing its commitment to providing sustainable returns to shareholders [5][6]. Financial Overview - Revenue projections for the fiscal years ending June 30 are as follows: HKD 26.42 billion in 2024, HKD 24.29 billion in 2025, HKD 25.28 billion in 2026E, HKD 26.56 billion in 2027E, and HKD 28.02 billion in 2028E, with a forecasted growth of 4.1% in 2026 [2][10]. - Core profit is expected to be HKD 2.44 billion in 2026, with an EPS forecast of HKD 0.82 [2][10]. - The company has a strong liquidity position, with cash and bank deposits amounting to HKD 20.9 billion, significantly exceeding its short-term debt [5][6]. Business Segment Performance - The financial services segment reported a robust operating profit growth of 19% year-on-year, driven by a 48% increase in total annualized premiums and a 39% rise in new business value [5][6]. - The logistics and construction segments faced challenges, with profits declining by 14% and 21% respectively, while the strategic investment segment saw a notable profit increase of 78% [5][6]. - The company is focused on optimizing its business portfolio, emphasizing financial services as a core pillar and expanding its logistics operations through recent acquisitions [5][6].

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price raised to HKD 10.60, indicating a potential upside of 20.5% from the current price of HKD 8.80 [3][8]. Core Insights - The company's diversified business model demonstrates resilience and financial stability, contributing to growth. The financial services segment has emerged as a key growth driver, with a significant increase in operating profit and new business value [5][6]. - Chow Tai Fook's half-year results for 2026 show a 15% year-on-year increase in attributable profit to HKD 1.334 billion, supported by a 5.9% rise in total revenue to HKD 12.827 billion, driven by strong performance in the insurance business [5][6]. - The company continues to optimize its business portfolio, focusing on potential growth areas while maintaining a cautious outlook on logistics and construction segments [5][6]. Financial Overview - Revenue projections for the fiscal years ending June 30 are as follows: HKD 26,422 million in 2024, HKD 24,285 million in 2025, HKD 25,280 million in 2026E, HKD 26,559 million in 2027E, and HKD 28,018 million in 2028E, with a forecasted growth rate of 4.1% in 2026 [2][10]. - Core profit estimates are projected at HKD 2,818 million for 2024, HKD 2,162 million for 2025, and HKD 2,442 million for 2026E, reflecting a gradual recovery [2][10]. - The company reported a net debt ratio improvement to 34% as of June 30, 2025, down from 37% the previous year, indicating enhanced liquidity and financial health [5][6]. Business Segment Performance - The financial services segment saw a robust operating profit increase of 19% year-on-year to HKD 729 million, with annualized premium income rising by 48% and new business value up by 39% [5][6]. - The logistics and construction segments faced challenges, with profits declining by 14% and 21% respectively, while the strategic investment segment reported a significant profit increase of 78% [5][6]. - The company declared an interim dividend of HKD 0.28 per share, a 3% increase year-on-year, reflecting its commitment to providing consistent returns to shareholders [5][6].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周大福創建有限公司(於百慕達註冊成立之有限公司) 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00659 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | 本月底法定/註冊 ...

Group 1 - The core viewpoint of the report indicates that Chow Tai Fook's operational performance for the first half of the fiscal year 2026 meets expectations, with adjusted recurring profits reaching HKD 1.47 billion, accounting for 52% of the bank's full-year forecast [1] - The profit growth of Chow Tai Fook Life Insurance is identified as the main driver across all operational segments [1] - The interim dividend per share is set at HKD 0.28, representing a 3% increase compared to the same period last year, which is considered an unexpected positive surprise [1] Group 2 - The report mentions that Chow Tai Fook is expected to be approved for inclusion in the southbound trading on March 9, which could act as a catalyst for valuation re-evaluation, particularly for yield-seeking investors [1] - The bank maintains a "outperform" rating for Chow Tai Fook, with a target price set at HKD 8.8 [1]