China Tourism Group Duty Free Corporation (01880) fell nearly 3%, hitting a historic low of HKD 57.85 and temporarily showing five consecutive declines. As of the press release, it fell 2.61% to HKD 57.85, with a turnover of HKD 84.8213 million.
According to statistics from Haikou Customs, during the Dragon Boat Festival holiday, Haikou Customs supervised a total of CNY 205 million in tax-free shopping on outlying islands, with 219,500 items purchased and 38,600 shopping trips made. It is worth noting that during last year's Dragon Boat Festival (June 22-24), Haikou Customs supervised a total of CNY 260 million in tax-free sales on outlying islands, with 437,000 shopping trips made. Comparatively, this year's Dragon Boat Festival holiday saw a 21.1% YoY decrease in tax-free sales on Hainan's outlying islands, with both the number of purchasers and average unit price declining.
Galaxy Securities previously stated in research reports that due to the base effect of daigou + market entering the off-season, it is expected that tax-free sales on outlying islands in May will continue to be under pressure. However, considering the accelerating recovery of inbound and outbound tourism, it is expected that the increase in port passenger flow and unit price will offset the unfavorable impact. In the medium and long term, the bottom logic of the tax-free industry remains unchanged. China Tourism Group Duty Free Corporation is positioned as the core tax-free flow channel in China. With the progress of consumption recovery, multi-dimensional layouts on outlying islands, airports, online, and in cities will open up long-term space. The company's valuation is currently in the bottom area and has investment value.
Silver Securities previously stated in research reports that due to the base effect of daigou + market entering the off-season, it is expected that tax-free sales on outlying islands in May will continue to be under pressure. However, considering the accelerating recovery of inbound and outbound tourism, it is expected that the increase in port passenger flow and unit price will offset the unfavorable impact. In the medium and long term, the bottom logic of the tax-free industry remains unchanged. China Tourism Group Duty Free Corporation is positioned as the core tax-free flow channel in China. With the progress of consumption recovery, multi-dimensional layouts on outlying islands, airports, online, and in cities will open up long-term space. The company's valuation is currently in the bottom area and has investment value.