MBCTGDF@EC2702A

Morgan Stanley Downgrades China Tourism Retail's EPS Forecast

Goldman Sachs Downgrades Target Price for China Tourism Retail

UBS Cuts China Tourism Retail Target Price and Profit Forecast

China Tourism Retail Reports Q1 2026 Revenue and Net Profit Growth

CTG DUTY-FREE released FY2026 Q1 earnings on April 29 Pre-Market (BJT), actual revenue HKD 19.17 B (forecast HKD 17.11 B), actual EPS HKD 1.2869

CTG DUTY-FREE to Release FY2026 Q1 Earnings on April 29 Pre-Market (BJT), Forecast Revenue HKD 17.16 B

China Duty Free International Signs Strategic Cooperation Agreement with Hong Kong Chambers of Commerce

China Tourism Group Duty Free Publishes 2025 Annual Report, Profitability Down but Business Stable

Company's 2025 Performance Down But Q4 Revenue Growth Significant

CICC Downgrades China Tourism Retail's Hong Kong Stock Target Price to HKD 95

Sanya's Consumption Promotion Activities Boost Off-Island Duty-Free Consumption

China Duty Free Reports 2025 Annual Results, Reveals Strategy Amid Reduced Profits

CIFTM Announces FY 2025 Annual Revenue and Net Profit

China Duty Free International and Anta Sign Cooperation Memorandum to Expand International Markets

Strong Growth in Hainan's Duty-Free Consumption in 2026, China Tourism Retail Shares Fluctuate

JPMorgan 发表报告称中国中免 2025 年第四季度业绩超出预期

Citi Analysts Remain Bullish on China Tourism Retail's Profit Prospects, Maintain Buy Rating

Huatai Securities Analyzes China Tourism Retail's Earnings and Recommends 'Buy'

CTG DUTY-FREE to release FY2025 earnings on March 30, pre-market BJT, with forecast revenue of HKD 62.52 B and EPS of HKD 2.023

China Tourism Retail Giant Buys DFS Stores in Hong Kong and Macau

SOMERLEY CAP

TIANLI HOLDINGS

CPM GROUP

FUTONG TECH

NICHE-TECH SEMI

SINO ICT

COSMOS MACH

UBOT HOLDING

SAMPLE TECH

PERENNIAL INT'L

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HUAQIN(03296) rose 7.76%, with a trading turnover 263.6 Million HKD, and a year-to-date rose 26.9%. CKH HOLDINGS(00001) rose 4.13%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 28.4%. SERES(09927) fell 6.97%, with a trading turnover 93.0 Million HKD, and a year-to-date fell 34.5%. OMNIVISION(00501) fell 5.48%, with a trading turnover 31.6 Million HKD, and a year-to-date fell 19.4%.

- The Hang Seng Index decreased by 0.76%, with an annual increase of 1%.  
- The Hang Seng Technology Index dropped 0.94%, reflecting a yearly decline of 10.6%.  
- Notable movers include Huajin Technology rising 7.76% and CK Hutchison increasing by 4.13%, while Seres and OmniVision saw declines of 6.97% and 5.48%, respectively.

Top Gainers&Losers

HUAQIN

CKH HOLDINGS

CATL

BEKE-W

CHALCO

SERES

OMNIVISION

HSBC HOLDINGS

HORIZONROBOT-W

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (5.5)

601888

M Stanley has downgraded CTG DUTY-FREE's target price from HKD89 to HKD77, maintaining an Equalweight rating. The firm reduced its EPS forecasts for 2026-2027 by 6-7% and revenue forecasts by 13% due to slower-than-expected Hainan duty-free sales. Full-year growth expectations have been lowered from 25-30% to 20-30%. The company is also adjusting its duty-free shops at Shanghai and Beijing airports, with completion expected between Q2 and Q3 2026, and is integrating online platforms, which may pose sales risks during the transition.

AASTOCKS News

M Stanley Cuts CTG DUTY-FREE  TP to HKD77, Hainan Duty-Free Sales Growth Slower Than Expected

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.

Goldman Sachs

Louis Vuitton

GS Hldg R

G Sachs Cuts CTG DUTY-FREE  TP to HKD64; 1Q26 Results Slightly Miss

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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.

China Tourism Group Duty Free Corporation Limited

UBS Cuts CTG DUTY-FREE  TP to HKD81.51, 1Q Net Profit In Line

Tonight $CTG DUTY-FREE(601888.SH) released its Q1 2026 results. With the annual report just out, the thesis is largely unchanged, so Dolphin Research will keep it brief.1) Revenue growth underwhelmed. Total revenue was approx. RMB 16.9bn (+~1% YoY), with a slight QoQ deceleration.In the first CNY peak season after Hainan's customs closure, CTG Duty Free's sales growth was lackluster. By contrast, the offshore duty-free sector overall delivered much stronger sales...

First CNY After Reopening: Did CTG Duty Free Pass?

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0429 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed will hold its policy meeting in Washington this week, with the decision due Wed 2:00pm ET (Thu 2:00am Beijing). Markets will focus on the rate decision, policy stance and forward guidance on the easing path.With growth and inflation still resilient, consensus expects rates to be kept on hold this time. 🐬 Single Stocks 1) $NIO-SW(09866.HK) $NIO Inc(NIO.US) Under Nio’s ONVO brand, the smart dual-cockpit, large five-seat flagship SUV ONVO L80 has been introduced. Pre-sales have started.

Fed decision due tonight; NIO's ONVO L80 pre-sale in focus | Daily News Recap

CTG DUTY-FREE International signed a strategic cooperation agreement with representatives from the Hong Kong Chamber of Commerce in Hainan, aimed at promoting the expansion of Hong Kong brands in the mainland market and upgrading cross-border consumption. The delegation participated in the 6th China International Consumer Products Expo, conducted on-site inspections of CTG DUTY-FREE's flagship projects in Hainan, and engaged in discussions with the management of CTG DUTY-FREE International regarding tourism retail and other fields. Both parties will leverage the resource advantages of CTG DUTY-FREE Group, focus on Hainan's duty-free policies, and promote cooperation and market expansion. Hainan Province Governor Liu Xiaoming had in-depth discussions with the delegation on matters such as investment attraction and policy advantages

AASTOCKS

Representatives of the China Duty-Free International Organization's Hong Kong Chamber of Commerce visit Hainan for inspection and sign a strategic cooperation agreement

The Shanghai Municipal Commission of Commerce has released the "Shanghai 2026 Consumption Expansion Action Plan," aiming to develop the duty-free and tax refund economy, promote "buy now, refund now" services, increase the number of intelligent tax refund terminals for departing travelers, and expand the scope of online service platform trials. It supports high-quality domestic brands entering duty-free sales channels, advances the construction of inbound duty-free shops at the Shanghai Port International Passenger Terminal, focuses on key commercial districts, enhances foreign card acceptance services, optimizes the functionality of the "EasyGo for Arrivals" platform, and strengthens policy promotion

Wallstreetcn

Shanghai: Supports High-Quality Domestic Brands Entering Duty-Free Sales Channels, Promotes Construction of Inbound Duty-Free Shops at Shanghai Port International Passenger Terminal

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KNOWLEDGE ATLAS(02513) rose 7.02%, with a trading turnover 2.4 Billion HKD, and a year-to-date rose 699.9%. YOFC(06869) rose 6.94%, with a trading turnover 5.3 Billion HKD, and a year-to-date rose 365%. XPENG-W(09868) fell 5.37%, with a trading turnover 1.2 Billion HKD, and a year-to-date fell 15.6%. BYD COMPANY(01211) fell 4.68%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 6.8%.

- The Hang Seng Index fell by 0.54%, with a year-to-date increase of 0.5%.  
- The Hang Seng Tech Index dropped by 2.06%, showing a year-to-date decline of 12.6%.  
- Notable stock movements include a 7.02% rise for Zhihua (02513) and a 5.37% drop for XPeng Group-W (09868).

KNOWLEDGE ATLAS

YOFC

WEICHAI POWER

CHINAHONGQIAO

CHERY AUTO

XPENG-W

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XIAOMI-W

Top 5 HK Stock Gainers/Losers (>100B) (4.9)

CICC has lowered the target price for CTG DUTY-FREE by 17% to HKD 95, and the target price for A-shares by 11% to RMB 95. It is expected that revenue will decline by 4.92% to RMB 53.694 billion in 2025, and net profit attributable to shareholders will decrease by 15.96% to RMB 3.586 billion. In the fourth quarter of last year, revenue grew by 2.81% to RMB 13.831 billion, and net profit attributable to shareholders increased by 53.59% to RMB 534 million, in line with market expectations. The profit forecasts for 2026 and 2027 remain unchanged, with a rating of "outperform the industry."

In "Major Banks," China International Capital Corporation lowered the target price for CTG DUTY-FREE to 95 yuan, with last year's fourth-quarter performance meeting market expectations

MBCTGDF@EC2702A(28016.HK)