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<Research> CICC Cuts China Tourism Group Duty Free (01880.HK) TP to HKD95; 4Q Last Year Results In Line
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CICC said in a research report that China Tourism Group Duty Free (01880.HK) recorded revenue of RMB53.694 billion in 2025, down 4.92% YoY, while net profit attributable to shareholders fell 15.96% YoY to RMB3.586 billion. In 4Q last year alone, China Tourism Group Duty Frees revenue rose 2.81% YoY to RMB13.831 billion, and net profit attributable to shareholders increased 53.59% YoY to RMB534 million. Excluding goodwill impairment losses of RMB338 million, adjusted net profit attributable to shareholders surged 150.73% YoY to RMB872 million, corresponding to a non-recurring net profit margin that increased 3.7 ppts YoY to 6.3%, mainly driven by a gross margin that rose 4.8 ppts YoY to 33.3%. The 4Q last year results were in line with market expectations. The broker maintained its earnings forecasts for 2026 and 2027 at RMB5.483 billion and RMB6.31 billion, respectively, and reiterated its Outperform rating. Taking into account a downward shift in the industry valuation center, CICC lowered its TP for the companys H shares by 17% to HKD95, and cut its TP for China Tourism Group Duty Free (601888.SH) A shares by 11% to RMB95. (ss/j) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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