Hildy Ling, an analyst from Morgan Stanley, maintained the Hold rating on China Tourism Group Duty Free Corporation Limited Class H. The associated price target is HK$55.00.
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Hildy Ling’s rating is based on a combination of factors affecting China Tourism Group Duty Free Corporation Limited Class H. The stock has recently experienced a decline, making its short-term valuation more attractive compared to its peers. Despite being largely flat year-to-date, the stock is trading at a significant discount compared to its A-shares, which aligns with historical averages.
Additionally, the stabilization of Hainan duty-free offline sales, which have been flat year-over-year, suggests potential for improvement. The expectation of positive year-over-year profitability in the second quarter of 2025, driven by a low base, further supports the Hold rating. However, concerns about macroeconomic uncertainties and policies related to the Hainan free-trade zone contribute to maintaining a fair valuation, leading to the Hold recommendation.