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<Research>Macquarie Says CTG DUTY-FREE (01880.HK) 1Q Rev. Continues to Recover, Lifts TP to $73.6
Recommend 6 Positive 8 Negative 5 |
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CTG DUTY-FREE (01880.HK)'s sales decline continued to narrow to 11% YoY in 1Q25 from 19.5% in 4Q24, according to Macquarie's research report. Gross profit stabilized at 33% YoY during the period, an improvement of 4.4 ppts QoQ due to fewer promotions, improved product mix and proactive de-stocking. Some of the Company's duty-free stores are undergoing renovation, while the Company is scheduled to reopen 13 upgraded downtown stores during the year. The management added that the Phase 3 of the Sanya International Duty Free Complex with SWIREPROPERTIES (01972.HK) is progressing well and is scheduled for completion in 2026. Therefore, the broker raised its 2025/ 2026 net profit forecasts for the Company by 6.7%/ 1% each, and lifted its target price for CTG DUTY-FREE's H-shares by 1% to $73.6, with rating at Outperform. AAStocks Financial News |
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