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<Research>HSBC Research Upgrades CTG DUTY-FREE (01880.HK) to Buy, Elevates TP to $97
Recommend 7 Positive 10 Negative 4 |
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HSBC Global Research issued a research report believing that a series of supportive policies in mainland China should drive stronger growth in the domestic duty-free market in 2026. As a result, the broker raised its 2026 net profit forecast for CTG DUTY-FREE (01880.HK) by 11%, and lifted its revenue forecast by 10%. HSBC Global Research expected CTG DUTY-FREE's 2026 operating income to hike by 11% YoY. The broker elevated its target prices for CTG DUTY-FREE's H-/ A-shares from $51.4/ RMB58.5 to $97/ RMB106.9, and upgraded both ratings from Hold to Buy. A series of policies from the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) indicate a stronger growth outlook for the domestic duty-free market in 2026. During the current recovery phase driven by promotional activities and negative changes in product mix, its profitability remained laggard, according to CTG DUTY-FREE's 3Q25 financial report. Hence, HSBC Global Research lowered its 2025 net profit estimation for CTG DUTY-FREE by 15% to RMB3.436 billion, and raised its revenue forecast by 2%. AASTOCKS Financial News Website: www.aastocks.com |
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