Jefferies cuts target for CTG Duty Free stock to CNY 57.20

Published on 10/08/2026 at 11:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CTG Duty Free stock saw first-half profit rise 19.49 percent to CNY 3.11 billion. Revenue fell 1.76 percent to CNY 27.66 billion in the first half of 2026.

CTG Duty Free, CNE100000G29, Illustration mit AI erstellt.

Jefferies had cut its CTG Duty Free price target from CNY 69.00 to CNY 57.20 on August 25, 2026, while keeping a Hold rating, according to MarketScreener. CTG Duty Free stock was later quoted at CNY 50.69 in Shanghai on October 8, 2026, down 1.46 percent from CNY 51.44.

Profit grew as revenue slipped

China Tourism Group Duty Free reported operating revenue of CNY 27.655 billion for the first half of 2026, a year-over-year decline of 1.76 percent. Net profit attributable to shareholders rose 19.49 percent to CNY 3.106 billion in the same period, according to Futunn.

The split between sales and profit is the central operating signal. Revenue contracted by 1.76 percent, yet profit increased by 19.49 percent, pointing to stronger earnings conversion during the first half rather than simple top-line expansion.

Hainan growth offsets airport pressure

Hainan revenue reached CNY 18.554 billion in the first half of 2026, an increase of 23.40 percent from the prior-year period. The same report said Shanghai revenue fell 70.10 percent to CNY 2.053 billion as the company moved through changes to airport duty-free contracts and store operations.

That contrast leaves CTG Duty Free with two different growth profiles. Hainan supplied a quantified expansion engine, while airport retail created a material drag on consolidated revenue. The recovery of airport operations therefore matters as much as the headline profit increase.

Target remains above Shanghai price

Jefferies' CNY 57.20 target stood 12.84 percent above the Shanghai price of CNY 50.69 on October 8, 2026, calculated on the same currency basis. The target change from CNY 69.00 represents a 17.10 percent reduction, so the Hold rating came with a lower valuation reference than before.

Shanghai-listed shares were at CNY 50.69 at 3:00 p.m. CST on October 8, 2026, down 1.46 percent from the prior session's CNY 51.44. The price was 0.96 percent above the 52-week low of CNY 50.21 and remained well below the 52-week high of CNY 99.81.