Stock Track | CTG DUTY-FREE Plummets 6.25% Intraday After Morgan Stanley Cuts Target Price on Slower Sales Growth

Stock Track05-05 12:03

CTG DUTY-FREE's stock plunged 6.25% during intraday trading on Tuesday, following a negative research report from a major investment bank.

Morgan Stanley lowered its target price for CTG DUTY-FREE from HK$89 to HK$77, maintaining an "Equal-weight" rating. The bank cited slower-than-expected duty-free sales growth in Hainan during March, with April data indicating a further deceleration. This led to a downward revision of the full-year growth forecast from 25%-30% to 20%-30%.

Additionally, the report noted that the company's reorganization of duty-free shops at Shanghai and Beijing airports is progressing slower than planned, with completion expected in the second or third quarter. The consolidation of online platforms also presents transitional risks to sales, though the impact on overall profitability is expected to be limited due to lower margins in airport and online businesses.

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