HK Stock Market Move | China Tourism Group Duty Free Corporation (01880) fell over 6% to hit a near 7-month low, with several institutions lowering their target price after the performance.

China Tourism Group Duty Free Corporation (01880) fell by more than 6%, reaching a new low of 59.2 Hong Kong dollars since October last year. As of the time of writing, it has fallen by 6.18%, to 59.25 Hong Kong dollars, with a trading volume of 591.68 million Hong Kong dollars. In terms of news, China Tourism Group Duty Free Corporation recently announced that in the first quarter of this year, the company achieved operating income of 16.906 billion yuan, an increase of 0.96% year-on-year; the net profit attributable to shareholders of the listed company was 2.348 billion yuan, an increase of 21.18% year-on-year. Goldman Sachs released a research report stating that China Tourism Group Duty Free Corporation's net profit in the first quarter increased by 21% to 2.35 billion yuan over the low base of last year, achieving 44% of the bank's full-year forecast, slightly lower than the historical seasonal level of more than 50% in the same period from 2023 to 2025; generally, the first and fourth quarters are the peak seasons for the whole year. The bank has lowered China Tourism Group Duty Free Corporation's H shares target price from 67 Hong Kong dollars to 64 Hong Kong dollars. Additionally, a Morgan Stanley research report pointed out that considering the recent market trends and China Tourism Group Duty Free Corporation's first quarter performance, the company's earnings per share forecast for 2026 to 2027 has been revised downward by 6% to 7%, and revenue forecasts have been lowered by 13%; the H share target price has been lowered from 89 Hong Kong dollars to 77 Hong Kong dollars, with a rating of "synchronize with the overall market." UBS reiterated a "buy" rating, with the target price revised from 90.73 Hong Kong dollars to 81.51 Hong Kong dollars.