for the year ended March: a one-off rent concession, unrealised gains on gold loans, and a helping hand from foreign-exchange rates.
Instead, it’s because the company’s mainland-focused strategy appears to have paid off. Although the seller of precious gems believes the domestic market in Hong Kong and Macau has bottomed out, it still closed five points of sales in the financial hub in the past fiscal year, including in the highly frequented Tsim Sha Tsui and Causeway Bay shopping districts.
Whether tourists return to Hong Kong and Macau in droves won’t matter much either way. Mainland China accounted for 85% of revenue in the year to the end of March. Chow Tai Fook now trades at some 25 times forward earnings, more than double rivals Luk Fook
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