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 2024-07-08 pm EDT 		5-day change 1st Jan Change
63.15 CNY +0.08% Intraday chart for China Tourism Group Duty Free Corporation Limited +1.04% -24.54%
Jun. 07 JPMorgan Boosts Stake in Hong Kong-Listed Firms By HK$3.3 Billion MT
May. 23 China Tourism Group Duty Free Corporation Limited Announces Board and Committee Change CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 173,673 551,477 428,393 445,471 171,500 128,812 - -
Enterprise Value (EV) 1 161,991 537,188 413,493 423,696 143,292 96,405 93,259 88,323
P/E ratio 37.5 x 89.8 x 44.4 x 85.5 x 25.8 x 16.8 x 14 x 12.2 x
Yield 0.81% 0.35% 0.68% 0.37% 1.97% 2.98% 3.37% 3.88%
Capitalization / Revenue 3.62 x 10.5 x 6.33 x 8.18 x 2.54 x 1.69 x 1.44 x 1.3 x
EV / Revenue 3.38 x 10.2 x 6.11 x 7.78 x 2.12 x 1.26 x 1.05 x 0.89 x
EV / EBITDA 21.9 x 52.6 x 27.1 x 51.7 x 15.2 x 8.24 x 6.71 x 5.64 x
EV / FCF 113 x 77.1 x 67 x -66.1 x 10.8 x 17.1 x 11.2 x 9.08 x
FCF Yield 0.88% 1.3% 1.49% -1.51% 9.3% 5.84% 8.93% 11%
Price to Book 8.73 x 24.7 x 14.5 x 9.2 x 3.22 x 2.21 x 2 x 1.82 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 63.10 63.10 63.10
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 76,422 89,161 98,906
EBITDA 1 7,399 10,210 15,284 8,191 9,446 11,700 13,894 15,670
EBIT 1 7,109 9,694 14,804 7,619 8,677 11,066 13,390 15,251
Operating Margin 14.82% 18.43% 21.88% 14% 12.85% 14.48% 15.02% 15.42%
Earnings before Tax (EBT) 1 7,160 9,672 14,801 7,617 8,646 10,976 13,138 15,127
Net income 1 4,629 6,140 9,654 5,030 6,714 7,759 9,338 10,631
Net margin 9.65% 11.67% 14.26% 9.24% 9.94% 10.15% 10.47% 10.75%
EPS 2 2.371 3.145 4.944 2.528 3.245 3.765 4.510 5.155
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,631 8,324 9,724
FCF margin 2.98% 13.25% 9.13% -11.77% 19.73% 7.37% 9.34% 9.83%
FCF Conversion (EBITDA) 19.3% 68.26% 40.41% - 141.07% 48.13% 59.91% 62.06%
FCF Conversion (Net income) 30.84% 113.5% 63.97% - 198.48% 72.58% 89.14% 91.47%
Dividend per Share 2 0.7200 1.000 1.500 0.8000 1.650 1.878 2.126 2.446
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 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 0.8900 0.8900 0.8900 - -
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 32,406 35,553 40,489
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,428 6,969 6,176 -6,406 13,325 5,631 8,324 9,724
ROE (net income / shareholders' equity) 25.6% 29.4% 37.3% 14% 13.1% 13.6% 14.8% 15.3%
ROA (Net income/ Total Assets) 16.1% 16.8% 19.7% 7.65% 8.68% 9.75% 10.6% 11%
Assets 1 28,768 36,468 48,922 65,741 77,389 79,587 88,147 96,710
Book Value Per Share 2 10.20 11.40 15.20 23.50 26.00 28.50 31.50 34.70
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 1,823
Capex / Sales 3.12% 2.34% 3.18% 5.49% 2.67% 2.83% 2.16% 1.84%
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
30
Last Close Price
63.1 CNY
Average target price
95.72 CNY
Spread / Average Target
+51.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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