G Sachs Cuts CTG DUTY-FREE TP to HKD64; 1Q26 Results Slightly Miss
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G Sachs has lowered the target price for CTG DUTY-FREEfrom HKD67 to HKD64 following a 1Q26 net profit of RMB2.35 billion, a 21% YoY increase but below historical seasonal levels. EBIT rose 9% YoY to RMB2.7 billion, with margin expansion driven by reduced SG&A expenses and improved gross margin. EPS forecasts for 2026-2028 were cut by 5-6% due to declining airport duty-free sales and a share placement to LVMH. The rating remains Neutral.
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