China Tourism Group Faces Headwinds From Weak Customer Spending -- Market Talk

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China Tourism Group Faces Headwinds From Weak Customer Spending -- Market Talk

Dow Jones2023-07-11

0101 GMT - China Tourism Group Duty Free may be weighed down by weaker-than-expected customer spending, CCB International says as it lowers its 2023-2024 earnings forecast for the company by 8% each. Analysts Anita Chu and Anita Du maintain an outperform rating on the stock but lower the A-share target price to CNY158.00 from CNY195.00 on rising market concerns over the slow recovery. They also cut the H-share target price to HK$155.00 from HK$197.00 to factor in the impact of the USD/CNY exchange rate. However, they expect 2H margins to improve on higher passenger traffic through domestic airports, more visitors to tourist destination Hainan, and the start of a new phase of construction the Sanya Integrated Retail Complex around September. CTG holds a significant stake in the project. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

July 10, 2023 21:02 ET (01:02 GMT)

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