20150623-国泰君安(香港)-周大福（1929）：JEWELLERY_MARKET_CHALLENGES_REMAIN，MAINTAIN“SELL”-829755

The FY2015 annual results of the Company were lower than market consensus and our expectation.Total revenue declined by 17.0% yoy to HKD 64.3 billion，while net profit attributable to shareholders dropped by 25.0% yoy to HKD 5.5 billion.Revise down TP to HK$ 6.27 and maintain“Sell”.