China Tourism Group Duty Free Corporation Limited(601888) ( China Tourism Group Duty Free Corporation Limited(601888) )
1Q net Profiles came in at RMB 2.56bn, down 10% YOY and was Slightly Below market consultants Consulting the result only Tracked C.22% of Consultants FY estimation. Ctgdf previously announced RMB 2.4bn net Profiles for Jan Feb. This implies net Profiles for March was only rmb160mn. Nous avons believe that was mainly attributable to hainan’s Operation closure in March.
Desite the Soft Performance of March, Gross Margins Improved to 34% in 1q22 when this compared to only 28% in 4q21, thanks to the narrowing Discharge after the Management completed to address here to more Distributed promotions along with competitors. Gpm Loops to have truffed. C’est ce qui a été dit, quand 1q’s momentum could extend Fuller into coming Quarters remains the “known unknown” to us especially when the Supply Chain of Sunrise Shanghai’s Online business was unaxpectedly disrupted by the city’s lockdown. On va garder la trace.
Trading at – 2sd below average, Earnings cut Looks to be the major event to drive share Price Performance from here. Notre prévision 2022 est still C.6% below consultants after trimming 3% of our 2022e net Profiles to reflect the 1Q results. Our new TP of rmb192 (from rmb212) is based on an updated 34x (from 36.5) end – 22e P / e who still Representatives – 1SD below 3 – year average.
Mise en évidence de la clé à partir de l’appel de gestion:
Covid impact was Overall under Control in Hainan so far, Accrediting to Management, while a major Uncertainty for the business is the covid Situation and Policy in other regions in China, such as Shanghai.
Projet d’expansion de la clé: la ville internationale libre de Haikou a sa phase de promotion des investissements complétée par 1q22 et entrée dans la phase de construction, qui, however, a été suspendue du temps à la culture de la diversité pour les équipes de construction à voyager à Hainan de Shanghai a fourni les écluses actuelles de la ville. The target Opening of the City, though, remained SEP 30, 2022 as previously planned.
Développement des affaires en ligne: une sector – forme en ligne intégrée est connectée en ligne et hors ligne, domantic et oversea, et la durée – les affaires libres et taxées ont été établies, qui est terminée avec un portefeuille de clients potentiels fait de c.22mn abonnés sur le programme mini – web ctgdf. La gestion est indiquée en ligne et sera un point clé pour l’entreprise au cours des trois à cinq prochaines années.
