Morgan Stanley: Set a 'Market Perform' rating for China Tourism Group Duty Free Corporation, with the Target Price adjusted to 55 Hong Kong dollars.
Morgan Stanley released a research report stating that the Target Price for China Tourism Group Duty Free Corporation (01880) has been lowered from 60 Hong Kong dollars to 55 Hong Kong dollars, with a rating of "in line with the market." The report noted that last year, Hainan was the main factor dragging down the Chinese tourism retail market, with offline duty-free store sales dropping by 29% year-on-year to 30.9 billion RMB. Due to a lower base and the possibility of China Tourism Group offering more discounts, offline duty-free store sales in Hainan are expected to narrow their year-on-year decline to 5% by December 2024, with the impact likely diminishing by 2025. Morgan Stanley believes that the recovery of China Tourism Group's port business has already gained traction.
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