CITS:Robust growth from duty free sales in all channels in 1H17-BUY

类别:公司研究 机构:德意志银行 研究员:Tallan Zhou,Karen Tang 日期:2017-09-04

More details disclosed in the interim result following the preliminary result

    CITS announced its interim report this evening. Although CITS already announcedits preliminary earnings growth of 16.8% yoy to RMB1.29bn and top line growthof 22.5% yoy to RMB12.6bn a couple of weeks before, we managed to see themore detailed drivers behind the earnings growth through its interim result report.We believe a 44% top-line growth from its duty free business (retail segment) isthe main driver. In addition, the company also consolidated duty free from Sunrisein 1H17with RMB 1.36billion revenue contribution.

    Valuation and risks

    We believe CITS’ valuation is very attractive at 22x/19x on our 2017/18earningsforecast, as duty-free is a policy-protected and high-barrier-to-entry business inChina. CITS’ valuation is lower than average retail/travel peers in A shares. Wederive our RMB 37TP from a DCF-based valuation (8.1% WACC, 9% cost ofequity, beta of 0.9and 3.0% TGR, unchanged). Key downside risks include: 1)unfavorable government policy, 2) e-commerce competition, 3) delay in liftingshopping quota, and 4) competition from OTAs.

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
601888 @nn@ @n@ @c@ @cc@ @v@ @t@

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
绿地控股 0.55 0.30 研报
新城控股 0 0 研报
光大嘉宝 0.60 0 研报
世联行 0.84 0.62 研报
大悦城 0.30 0.27 研报
蓝光发展 0.24 0 研报
荣盛发展 0.75 1.04 研报
中南建设 0.80 0.99 研报
金融街 0.64 0.72 研报
新湖中宝 0.38 0.32 研报
金地集团 0.67 0.71 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
海康威视 6 持有 买入
华夏幸福 4 买入 买入
恒逸石化 4 买入 买入
南极电商 4 买入 买入
洽洽食品 4 持有 买入
贵州茅台 3 持有 买入
普洛药业 3 买入 买入
旗滨集团 3 买入 买入
喜临门 3 买入 买入
中南建设 3 买入 买入
比音勒芬 2 买入 持有
吉比特 2 持有 买入
完美世界 2 持有 买入
万科A 2 买入 买入
大悦城 2 买入 买入
美的集团 2 买入 买入
新经典 2 持有 中性

行业关注度

更多>>
行业名称关注度关注股票数买入评级数