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UOBKH: China Tourism Group Duty Free Corp – Buy Target Price Rmb273

Posted on August 31, 2022August 31, 2022 By alanyeo No Comments on UOBKH: China Tourism Group Duty Free Corp – Buy Target Price Rmb273
1H22: Double-digit Drop; Focusing On Future Growth And Core Competitiveness

CTGDF’s revenue dropped 37.5%/22.2% yoy in 2Q22/1H22 and core earnings dipped 43.7%/25.4% yoy. Gross margin shrank 4.4ppt yoy but widened 5.5ppt hoh in 1H22. Duty-free sales declined 34% yoy in 1H22. We maintain it as our top pick among covered consumer names given its increasing core competitiveness and leading position in the growing duty-free market in China. Maintain BUY and trim the target price slightly to Rmb273.00.

China_Tourism_Group_Duty_Free_Corp_LtdClick here to Download Full Report in PDF

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Research - Equities Tags:China Tourism Group Duty Free

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