UBS: Cuts China Duty Free Group (01880.HK) target price to 81.51 Hong Kong dollars, first-quarter net profit in line with expectations.

According to the latest information from the Securities Times APP, UBS released a research report stating that China International Duty Free (01880.HK) only saw a 1% increase in first quarter revenue compared to the same period last year, lower than the bank's expectations; net profit increased by 21% year-on-year to 2.35 billion yuan, which is roughly in line with expectations. The net profit margin reached 13.9%, an increase of 2.3 percentage points year-on-year, better than expected. The company's "buy" rating was reiterated, with the target price lowered from HK$90.73 to HK$81.51.