Who are Chow Tai Fook's main competitors?

Named competitors: Chow Sang Sang (0116.HK), Luk Fook (0590.HK), Lao Feng Xiang (600612.SS). The cockpit's measured peer set (industry) also includes Swatch Group Ltd. Bearer (UHR.SW), Pandora A/S (PNDORA.CO), Laopu Gold (6181.HK), Titan (TITAN.NS), Seiko (8050.T).

How has Chow Tai Fook stock performed?

Over six months to 6 Nov 2026 the shares returned +2.8% against +16.1% for the median peer; over one year -20.6%.

← CockpitCompetitor Analysis › 1929.HK Chow Tai FookOpen in the cockpit ↗

Chow Tai Fook1929.HKCompetitor analysis, valuation and peers

Hong Kong · HKD·Consumer Discretionary›Other Consumer Specialties

Hong Kong-based jewelry and gold-ornament retailer with thousands of stores across Greater China.

≈ Asia's Tiffany/Signet, gold-jewelry ledMomentum leader 80

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$15.0B

US dollars, full cap

Free float

16%

of shares outstanding

$/day

$22.2M

20-day average traded

Fwd P/E

11.3×

forward earnings

ROIC−WACC

+22.4 pp

WACC 7.1%

Hurdle

-14 pp

Req g minus delivered

Next earnings

25 days

1 Dec 2026

Close · HKDHK$11.95

1D-0.4%

1W+8.5%

1M+8.7%

3M-2.2%

6M+2.8%

YTD-3.5%

1Y-20.6%

ATR %2.8%

52w lowhigh23.1% off high

What Chow Tai Fook does

Hong Kong-based jewelry and gold-ornament retailer with thousands of stores across Greater China.

Sells through its own stores in Hong Kong and Macau and a mix of own and franchised stores on the mainland, where franchisees buy from it at wholesale. Gold pieces are sold by weight at prices linked to the gold market. The family holding company of the Cheng family controls it.

In one line: Asia's Tiffany/Signet, gold-jewelry led.

Products and services

Gold jewelry
Gem-set jewelry
Platinum/K-gold products
Watches

Customers

Mainland Chinese and Hong Kong gift and investment

Where it sits in the supply chain

Consumer retail
Jewelry and luxury goods
Gold and jewelry design, sourcing…

What could go right

Gold-as-investment demand in China
Store expansion in lower-tier cities

What could go wrong

Gold price volatility hits volumes
Slower Chinese discretionary spending

Moat: narrow (brand, scale, distribution). Best-known Chinese jewelry brand with the largest store network, but gold-jewelry retail is low-differentiation.

Headquarters: Hong Kong · Founded: 1929 · Employees: 24,700

Named competitors

Chow Sang Sang 0116.HK
Luk Fook 0590.HK
Lao Feng Xiang 600612.SS

Chow Tai Fook at a glance

Size Chow Tai Fook (1929.HK) is a Hong Kong Consumer Discretionary company (Other Consumer Specialties) with a market value of $15.0B, the 118th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$11.95 on 6 Nov 2026.

Performance Over six months the shares gained 2.8%, against +16.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 6 in its peer set.

Growth Revenue grew 5.3% over the last twelve months (peer median +16.2%); the operating margin is 19.2% (peer median 10.7%).

Valuation It trades at 11.3× forward earnings against a peer median of 21.0× (2nd cheapest of 6).

Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -14 pp: the price already allows for a slowdown.

Capital Return on invested capital runs 22.4 points above its cost of capital (7.1% WACC).

Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Chow Tai Fook against the median of its 5 peers (local-currency closes).

Chow Tai Fook financials

Reported figures in HKD; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	HK$94.4B	HK$94.4B	HK$89.7B	HK$109B	HK$94.7B
Revenue growth	—	+5%	-18%	+15%	—
Gross profit	HK$30.5B	HK$30.5B	HK$26.4B	HK$26.0B	HK$22.7B
EBITDA	HK$19.9B	HK$19.9B	HK$16.0B	HK$15.0B	HK$11.2B
Net income	HK$9.00B	HK$9.00B	HK$5.92B	HK$6.50B	HK$5.38B
Free cash flow	HK$425M	HK$425M	HK$9.18B	HK$12.4B	HK$7.72B
Capital expenditure	HK$593M	HK$593M	HK$578M	HK$963M	HK$1.98B
Total debt	n/a	HK$28.4B	HK$20.8B	HK$29.9B	HK$22.1B

Quarterly statements and history in the cockpit →

Chow Tai Fook competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Chow Tai Fook is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Chow Tai Fook is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Chow Tai Fook is the large dot.

Chow Tai Fook competitors and peer comparison

Head to head with its named competitors (1929.HK vs 0116.HK vs 0590.HK vs 600612.SS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Chow Tai Fook 1929.HK	$15.0B	+3%	+5%	19%	11.3×	-8.1%
Chow Sang Sang Holdings International 0116.HK	$1.13B	+7%	+16%	20%	3.1×	n/a
Luk Fook Holdings (International) 0590.HK	$1.58B	-9%	+29%	20%	6.1×	n/a
Lao Feng Xiang 600612.SS	$2.04B	-17%	-40%	6%	17.2×	-16.9%

How Chow Tai Fook compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Chow Tai Fook against its 5 peers (data as of 6 Nov 2026)
Measure	1929.HK	Peer median	Rank in peer set
1-month return	+8.7%	+2.2%	3rd highest of 6
6-month return	+2.8%	+16.1%	3rd lowest of 6
Distance from 52-week high	-23.1%	-18.7%	3rd lowest of 6
Revenue growth (TTM)	+5.3%	+16.2%	3rd lowest of 6
Operating margin	19.2%	10.7%	3rd highest of 6
Forward P/E	11.3×	21.0×	2nd cheapest of 6
Growth the price implies (Req g, 7 yrs)	-8.1%	21.6%	least demanding of 4
Growth delivered (Del g)	+6.1%	+10.6%	2nd lowest of 4
Hurdle (Req g minus delivered)	-14.2 pp	+13.8 pp	2nd least demanding of 4
ROIC minus cost of capital	+22.4 pp	+22.5 pp	3rd lowest of 6
EV / EBITDA	7.0×	15.1×	2nd cheapest of 6
Net debt / EBITDA	1.0×	1.1×	3rd least indebted of 6

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Chow Tai Fook 1929.HK	Hong Kong	$15.0B	+3%	+5%	19%	11.3×	-8.1%	+6.1%
Swatch Group Ltd. Bearer UHR.SW	Switzerland	$11.3B	-13%	0%	2%	43.1×	21.6%	+2.3%
Pandora A/S PNDORA.CO	Denmark	$10.1B	+67%	+1%	24%	13.7×	-6.9%	+11.4%
Laopu Gold 6181.HK	Hong Kong	$6.84B	-48%	+109%	27%	6.9×	n/a	n/a
Titan TITAN.NS	India	$46.9B	+16%	+45%	9%	68.6×	n/a	n/a
Seiko 8050.T	Japan	$4.71B	+54%	+16%	11%	21.0×	24.4%	+10.6%

Questions

Who are Chow Tai Fook's main competitors?: Named competitors: Chow Sang Sang (0116.HK), Luk Fook (0590.HK), Lao Feng Xiang (600612.SS). The cockpit's measured peer set (industry) also includes Swatch Group Ltd. Bearer (UHR.SW), Pandora A/S (PNDORA.CO), Laopu Gold (6181.HK), Titan (TITAN.NS), Seiko (8050.T).
Is Chow Tai Fook expensive compared with its peers?: On forward p/e it trades at 11.3× against a peer median of 21.0×, 2nd cheapest of 6 in its peer set. For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -14 pp: the price already allows for a slowdown.
How has Chow Tai Fook stock performed?: Over six months to 6 Nov 2026 the shares returned +2.8% against +16.1% for the median peer; over one year -20.6%.