Stock 1880 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
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Financials China Tourism Group Duty Free Corporation Limited Hong Kong S.E.

Equities

1880

CNE100004YZ4

Airport Services

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:05 31/05/2024 BST 		5-day change 1st Jan Change
62.35 HKD -2.50% Intraday chart for China Tourism Group Duty Free Corporation Limited -9.31% -18.66%
05-23 China Tourism Group Duty Free Corporation Limited Announces Board and Committee Change CI
04-08 CTG Duty-Free's Q1 Profit Stays Flat on Lower Revenue MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 173,673 551,477 428,393 445,471 171,500 145,346 - -
Enterprise Value (EV) 1 161,991 537,188 413,493 423,696 143,292 115,180 109,857 106,176
P/E ratio 37.5 x 89.8 x 44.4 x 85.5 x 25.8 x 18.8 x 15.7 x 13.7 x
Yield 0.81% 0.35% 0.68% 0.37% 1.97% 2.69% 3.06% 3.61%
Capitalization / Revenue 3.62 x 10.5 x 6.33 x 8.18 x 2.54 x 1.89 x 1.62 x 1.46 x
EV / Revenue 3.38 x 10.2 x 6.11 x 7.78 x 2.12 x 1.5 x 1.23 x 1.07 x
EV / EBITDA 21.9 x 52.6 x 27.1 x 51.7 x 15.2 x 9.75 x 7.8 x 6.74 x
EV / FCF 113 x 77.1 x 67 x -66.1 x 10.8 x 21.3 x 13.1 x 10.7 x
FCF Yield 0.88% 1.3% 1.49% -1.51% 9.3% 4.69% 7.64% 9.33%
Price to Book 8.73 x 24.7 x 14.5 x 9.2 x 3.22 x 2.49 x 2.25 x 2.04 x
Nbr of stocks (in thousands) 1,952,476 1,952,476 1,952,476 2,068,859 2,068,859 2,068,859 - -
Reference price 2 88.95 282.4 219.4 216.0 83.69 71.00 71.00 71.00
Announcement Date 17/01/20 29/01/21 21/01/22 03/02/23 08/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 47,966 52,597 67,676 54,433 67,540 76,760 89,610 99,393
EBITDA 1 7,399 10,210 15,284 8,191 9,446 11,814 14,088 15,752
EBIT 1 7,109 9,694 14,804 7,619 8,677 11,202 13,624 15,484
Operating Margin 14.82% 18.43% 21.88% 14% 12.85% 14.59% 15.2% 15.58%
Earnings before Tax (EBT) 1 7,160 9,672 14,801 7,617 8,646 11,058 13,284 15,237
Net income 1 4,629 6,140 9,654 5,030 6,714 7,809 9,426 10,733
Net margin 9.65% 11.67% 14.26% 9.24% 9.94% 10.17% 10.52% 10.8%
EPS 2 2.371 3.145 4.944 2.528 3.245 3.774 4.534 5.176
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,406 8,391 9,909
FCF margin 2.98% 13.25% 9.13% -11.77% 19.73% 7.04% 9.36% 9.97%
FCF Conversion (EBITDA) 19.3% 68.26% 40.41% - 141.07% 45.76% 59.56% 62.91%
FCF Conversion (Net income) 30.84% 113.5% 63.97% - 198.48% 69.23% 89.02% 92.32%
Dividend per Share 2 0.7200 1.000 1.500 0.8000 1.650 1.907 2.173 2.563
Announcement Date 17/01/20 29/01/21 21/01/22 03/02/23 08/01/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 18,177 - 10,868 11,714 15,068 26,782 20,769 15,089 14,979 16,703 31,682 18,807 18,300 17,900 19,200 21,200 20,900
EBITDA - - - - - - - - - - - - - - - - -
EBIT 1,375 - 1,794 1,374 949.1 2,323 3,154 1,799 1,618 2,107 - 2,908 - - - - -
Operating Margin 7.56% - 16.51% 11.73% 6.3% 8.67% 15.19% 11.92% 10.8% 12.61% - 15.46% - - - - -
Earnings before Tax (EBT) 1,380 - 1,793 1,365 955 2,320 3,156 1,799 1,618 2,073 - - - - - - -
Net income 1,163 - 1,374 690.3 402.3 1,093 2,301 1,565 1,341 1,507 - - - - - - -
Net margin 6.4% - 12.65% 5.89% 2.67% 4.08% 11.08% 10.37% 8.95% 9.03% - - - - - - -
EPS 2 0.5900 1.313 0.7100 0.3400 0.1683 - 1.112 0.7600 0.6500 0.7300 - 1.116 0.9500 0.9500 0.9500 - -
Dividend per Share 2 1.500 - - - - - - 0.8000 - - - - 1.225 - - - 1.522
Announcement Date 21/01/22 22/04/22 27/07/22 28/10/22 03/02/23 03/02/23 27/04/23 24/08/23 26/10/23 08/01/24 08/01/24 08/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 11,682 14,289 14,899 21,775 28,208 30,166 35,489 39,169
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,406 8,391 9,909
ROE (net income / shareholders' equity) 25.6% 29.4% 37.3% 14% 13.1% 13.7% 14.9% 15.4%
ROA (Net income/ Total Assets) 16.1% 16.8% 19.7% 7.65% 8.68% 9.82% 10.7% 11.1%
Assets 1 28,768 36,468 48,922 65,741 77,389 79,492 88,248 96,818
Book Value Per Share 2 10.20 11.40 15.20 23.50 26.00 28.50 31.60 34.80
Cash Flow per Share 2 3.010 4.200 4.270 -1.650 7.310 5.820 6.370 7.000
Capex 1 1,498 1,233 2,153 2,991 1,801 2,161 1,922 1,792
Capex / Sales 3.12% 2.34% 3.18% 5.49% 2.67% 2.82% 2.15% 1.8%
Announcement Date 17/01/20 29/01/21 21/01/22 03/02/23 08/01/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Tourism Group Duty Free Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
30
Last Close Price
71 CNY
Average target price
98.06 CNY
Spread / Average Target
+38.12%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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