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2025-09-15 11:31:41
[UBS raises China Duty Free Group's target price to HK$71.2 and reiterates "buy" rating] UBS published a research report stating that China Duty Free Group (01880.HK)'s second-quarter revenue decline narrowed year-on-year, but the decline was lower than market expectations, and due to the impact of sales costs and sales expenses, gross profit margin and net profit margin deteriorated. Therefore, the bank lowered the company's earnings per share forecast for 2025 to 2027 by 14 to 12%. The bank reiterated its "buy" rating and raised its target price from HK$58.4 to HK$71.2. The bank expects that China Duty Free Group's Hainan duty-free shop sales will fall by 1% in the second half of the year and turn positive in the fourth quarter due to a lower base. If the average consumption of customers stabilizes, the company's Hainan sales are expected to increase by 5% and 10% year-on-year in 2026 and 2027 respectively.
