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<Research>CICC: CTG DUTY-FREE (01880.HK) Acquires DFS Greater CN Biz, Introduces LVMH for Enhanced Synergy
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CTG DUTY-FREE (01880.HK) released the "Announcement on the Acquisition of DFS Greater China Retail Business Equity and Assets by a Wholly-Owned Subsidiary and the Issuance of H Shares", CICC's research report noted. The acquisition includes nine DFS stores in the Hong Kong and Macau regions and intangible assets in Greater China. CTG DUTY-FREE and LVMH Group will deepen subsequent cooperation, whereas LVMH Group and the Miller family will subscribe to CTG DUTY-FREE's H shares. CICC was optimistic about the company's introduction of LVMH Group and the Miller family through the issuance of additional shares, which is expected to strengthen cooperation with global luxury leaders. Based on 2024, the acquisition is estimated to heighten the company's profit by about 3%, supporting the company's medium to long-term international deployment and the globalization of domestic brands. CICC maintained its profit forecasts for CTG DUTY-FREE for 2025 and 2026, introducing a new net profit forecast of RMB5.673 billion for 2027. CICC maintained an Outperform rating, bullish about international deployment. It raised the A-share target price by 15% to RMB107 and the H-share target price by 15% to HKD99. AASTOCKS Financial News Website: www.aastocks.com |
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