Chow Tai Fook dividend
MyStockButler's October 2026 analysis: Chow Tai Fook's base dividend is HK$0.74 in 2027, HK$0.79 in 2028 and HK$0.84 in 2029. Chow Tai Fook's free cash flow was negative in FY2026, while dividends and buybacks continued and debt issued exceeded debt repaid.
How much does Chow Tai Fook pay per share?
Base dividends are HK$0.74 in 2027 and HK$0.79 in 2028, reaching HK$0.84 in 2029. The bear cuts DPS to HK$0.50 and then HK$0.40. The bull reaches HK$0.83 initially and HK$1.05 by 2029.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Revenue | 94,398.4 | 89,656 | 108,713 | 94,684.4 | 98,937.7 |
| Net income | 9,004.3 | 5,915.5 | 6,499.3 | 5,384.4 | 6,712.3 |
| Dividend per share | 0.67 | 0.52 | 0.55 | 0.50 | 0.50 |
What this means. Gross profit for earlier years was changed because the company moved gold-loan gains and losses to a different part of its accounts, so those years may differ from older reports.
How much would Chow Tai Fook's dividend pay you?
HK$10,000 invested in Chow Tai Fook at its 6.1% dividend yield (our report of October 26, 2026) pays HK$610.00 in the first year, before tax. If its dividend per share keeps changing 3.1% a year, as it did from Mar 2022 to Mar 2026, and the dividends are reinvested, year 10 pays HK$1,467.28, with HK$9,722.18 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Does Chow Tai Fook's cash cover its dividend?
FY2025 was more conservative. Free cash flow covered the shareholder return, and debt repayments exceeded new borrowing. FY2026 reversed that pattern: free cash flow was negative, yet dividends and buybacks continued while debt issued exceeded debt repaid.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Free cash flow | -614.3 | 8,161.4 | 11,364.6 | 6,569.9 | 11,137.3 |
| − Dividends paid | 5,327.1 | 4,993.8 | 12,497.5 | 5,000 | 4,600 |
| − Share buybacks | 1,575.2 | 2.8 | 134.9 | 0 | 0 |
| = Free cash flow not paid out | 3,044.7 | 1,490.5 | 6,448.3 | ||
| = Paid out more than the free cash flow | 7,516.6 | 1,307.8 |
What this means. The company's own net debt is slightly different because it rounds its reported figures to whole millions, while our calculation uses exact amounts.
What could change Chow Tai Fook's dividend?
FY2027 is the first decisive test: revenue should follow the guided mid-to-high single-digit path while operating margin remains above 14%. A weaker result would move the forecast toward the bear case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 16,000 (13,000 / 18,540) | 16,952 (13,860 / 20,535) | 17,820 (14,280 / 22,610) |
| Dividends per share | 0.74 (0.50 / 0.83) | 0.79 (0.40 / 0.94) | 0.84 (0.40 / 1.05) |
| Net debt | 16,419 (21,300 / 12,470) | 14,578 (22,223 / 5,984) | 12,140 (21,767 / -2,303) |
What this means. In October 2029 in the bull case, net debt is negative, meaning the company has more cash than borrowed money.
What is Chow Tai Fook's dividend yield against its share price?
A P/E of 12.2x means investors pay HK$12.20 for each HK$1 of earnings from the last twelve months. The forward P/E of 10.4x uses forecast earnings, so it implies higher profit ahead. The 6.1% dividend yield measures cash distributed against the share price; it is not guaranteed interest. Profit may instead fund inventory, stores or debt repayment.