UBS Cuts CTG DUTY-FREE TP to HKD81.51, 1Q Net Profit In Line
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UBS has cut the target price for CTG DUTY-FREEfrom HKD90.73 to HKD81.51 following a report indicating a 1% YoY revenue growth in 1Q26, which was below expectations. However, net profit rose 21% YoY to RMB2.35 billion, aligning with forecasts. The modest revenue growth was attributed to a significant decline in airport and online duty-free sales, while Hainan sales grew by approximately 25% YoY. UBS maintained a Buy rating, anticipating over 20% growth in Hainan duty-free sales for 2026 and 2027, despite slightly lowering EPS forecasts for the next two years.
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