Stock Track | CTG DUTY-FREE Plummets 5.08% Intraday Following CICC's Target Price Cut

Stock Track04-09

CTG DUTY-FREE's stock price plummeted 5.08% during intraday trading on Thursday. The decline came amid active trading in the Hong Kong market.

The sharp drop followed a report from CICC which lowered its target price for the company's shares. While maintaining an "Outperform" rating on the stock, CICC reduced its A-share target price to RMB 95 and H-share target to HK$95, citing a downward shift in industry valuations. The firm kept its profit forecasts unchanged at RMB 5.483 billion for this year and RMB 6.31 billion for next year.

Despite the price target reduction, duty-free sales data from Hainan showed positive trends. First-quarter duty-free shopping sales in Hainan's offshore island market reached RMB 14.21 billion, representing a 25.7% year-on-year increase, with March sales growing 25% year-on-year. CICC expressed optimism about potential growth in duty-free sales by 2026, driven by multiple factors including outbound travelers and local resident allowances.

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