BofAS Cuts CHINA DUTY FREE TP to RMB85, Rates Neutral
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BofAS has downgraded its target price for China Duty Freefrom RMB95 to RMB85, reflecting a 10% cut in its 2026 EPS forecast due to weaker-than-expected 1Q results. The company's core net profit rose 21% YoY to RMB2.3 billion, aligning with market expectations but falling short of BofAS's forecast. Revenue increased 1% YoY to RMB16.9 billion, with Hainan sales growing 28% YoY. BofAS maintains a Neutral rating, suggesting limited growth potential for duty-free sales moving forward.
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