Stock 601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
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Financials China Tourism Group Duty Free Corporation Limited

Equities

601888

CNE100000G29

Airport Services

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
74.26 CNY +3.24% Intraday chart for China Tourism Group Duty Free Corporation Limited +2.64% -11.27%
Apr. 08 CTG Duty-Free's Q1 Profit Stays Flat on Lower Revenue MT
Apr. 08 China Tourism Group Duty Free Corporation Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 173,673 551,477 428,393 445,471 171,500 152,424 - -
Enterprise Value (EV) 1 161,991 537,188 413,493 423,696 143,292 120,736 115,880 113,168
P/E ratio 37.5 x 89.8 x 44.4 x 85.5 x 25.8 x 19.6 x 16.1 x 14.5 x
Yield 0.81% 0.35% 0.68% 0.37% 1.97% 2.55% 2.9% 3.39%
Capitalization / Revenue 3.62 x 10.5 x 6.33 x 8.18 x 2.54 x 1.98 x 1.69 x 1.53 x
EV / Revenue 3.38 x 10.2 x 6.11 x 7.78 x 2.12 x 1.57 x 1.28 x 1.14 x
EV / EBITDA 21.9 x 52.6 x 27.1 x 51.7 x 15.2 x 10.2 x 8.07 x 7.24 x
EV / FCF 113 x 77.1 x 67 x -66.1 x 10.8 x 23.7 x 13.6 x 11.6 x
FCF Yield 0.88% 1.3% 1.49% -1.51% 9.3% 4.22% 7.35% 8.62%
Price to Book 8.73 x 24.7 x 14.5 x 9.2 x 3.22 x 2.6 x 2.35 x 2.13 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 74.26 74.26 74.26
Announcement Date 1/17/20 1/29/21 1/21/22 2/3/23 1/8/24 - - -
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 76,893 90,337 99,686
EBITDA 1 7,399 10,210 15,284 8,191 9,446 11,826 14,362 15,639
EBIT 1 7,109 9,694 14,804 7,619 8,677 11,287 13,880 15,362
Operating Margin 14.82% 18.43% 21.88% 14% 12.85% 14.68% 15.36% 15.41%
Earnings before Tax (EBT) 1 7,160 9,672 14,801 7,617 8,646 11,108 13,466 15,133
Net income 1 4,629 6,140 9,654 5,030 6,714 7,827 9,554 10,661
Net margin 9.65% 11.67% 14.26% 9.24% 9.94% 10.18% 10.58% 10.69%
EPS 2 2.371 3.145 4.944 2.528 3.245 3.783 4.602 5.138
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,093 8,518 9,759
FCF margin 2.98% 13.25% 9.13% -11.77% 19.73% 6.62% 9.43% 9.79%
FCF Conversion (EBITDA) 19.3% 68.26% 40.41% - 141.07% 43.06% 59.31% 62.4%
FCF Conversion (Net income) 30.84% 113.5% 63.97% - 198.48% 65.06% 89.15% 91.54%
Dividend per Share 2 0.7200 1.000 1.500 0.8000 1.650 1.896 2.152 2.517
Announcement Date 1/17/20 1/29/21 1/21/22 2/3/23 1/8/24 - - -
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 19,049 19,379 21,237 28,400 20,700
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 1.010 1.010 1.010 - -
Dividend per Share 2 1.500 - - - - - - 0.8000 - - - - 1.225 - - - 1.522
Announcement Date 1/21/22 4/22/22 7/27/22 10/28/22 2/3/23 2/3/23 4/27/23 8/24/23 10/26/23 1/8/24 1/8/24 4/8/24 - - - - -
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 31,688 36,544 39,256
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,093 8,518 9,759
ROE (net income / shareholders' equity) 25.6% 29.4% 37.3% 14% 13.1% 13.8% 15.1% 15.4%
ROA (Net income/ Total Assets) 16.1% 16.8% 19.7% 7.65% 8.68% 9.86% 10.7% 11.1%
Assets 1 28,768 36,468 48,922 65,741 77,389 79,423 89,029 95,786
Book Value Per Share 2 10.20 11.40 15.20 23.50 26.00 28.60 31.60 34.80
Cash Flow per Share 2 3.010 4.200 4.270 -1.650 7.310 5.830 6.970 7.070
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% 2.81% 2.13% 1.8%
Announcement Date 1/17/20 1/29/21 1/21/22 2/3/23 1/8/24 - - -
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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
31
Last Close Price
74.26 CNY
Average target price
98.56 CNY
Spread / Average Target
+32.73%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Duty Free Shops
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