China Tourism Group Duty Free Corporation Limited

SHSE-601888

Basic

Market Cap
CN¥136.07B
EV
CN¥110.51B
Shares Out
2,068.86M
Revenue
CN¥62.95B
Employees
16,789

Margins

Gross
32.46%
EBITDA
11.8%
Operating
11.28%
Pre-Tax
13.07%
Net
9.75%
FCF
19.73%

Returns (5Yr Avg)

ROA
12.78%
ROTA
20.67%
ROE
18.49%
ROCE
25.94%
ROIC
28%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
CN¥88.7
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
CN¥36.39B
Net Debt
-CN¥31.03B
Debt/Equity
0.09
EBIT/Interest
23.84

Growth (CAGR)

Rev 3Yr
-2.77%
Rev 5Yr
4.43%
Rev 10Yr
12.99%
Dil EPS 3Yr
-17.9%
Dil EPS 5Yr
5.33%
Dil EPS 10Yr
15.66%
Rev Fwd 2Yr
12.32%
EBITDA Fwd 2Yr
18.25%
EPS Fwd 2Yr
15.05%
EPS LT Growth Est
10.81%

Dividends

Yield
—
Payout
55.63%
DPS
CN¥1.65
DPS Growth 3Yr
18.17%
DPS Growth 5Yr
24.57%
DPS Growth 10Yr
23.49%
DPS Growth Fwd 2Yr
9.48%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						48,188	52,069.3	66,941.3	54,005.6	66,575.7	61,982.2
Other Revenues, Total						424.3	528.5	734.2	427.2	964.4	964.4
Total Revenues						48,612.3	52,597.8	67,675.5	54,432.9	67,540.1	62,946.6
Total Revenues % Chg.						3.4%	8.2%	28.7%	-19.6%	24.1%	0.5%
Cost of Goods Sold, Total						24,017.5	32,129.3	45,381.3	39,572.5	46,687.3	42,513.5
Gross Profit						24,594.7	20,468.5	22,294.2	14,860.3	20,852.8	20,433.1
Selling General & Admin Expenses, Total						17,163.5	10,485.1	6,110.8	6,241.2	11,629.2	11,629.2
Provision for Bad Debts						9.2	-5.6	-0.2	0.2	0.5	0.5
R&D Expenses	—	—	—	—	—	—	—	—	39	58.4	58.4
Other Operating Expenses						890.1	1,083.1	1,839.4	1,215.2	1,644.3	1,644.3
Other Operating Expenses, Total						18,062.7	11,562.6	7,950.1	7,495.7	13,332.4	13,332.4
Operating Income						6,532.1	8,905.9	14,344.1	7,364.7	7,520.4	7,100.7
Interest Expense, Total						-13.2	-16.9	-221.9	-194.2	-297.9	-297.9
Interest And Investment Income						1,292	264.6	389.3	470	1,132.4	1,132.4
Net Interest Expenses						1,278.8	247.7	167.5	275.8	834.5	834.5
Currency Exchange Gains (Loss)						-139.2	537	283.4	-190.1	291.1	291.1
Other Non Operating Income (Expenses)						-165	-233	-269.5	-136.1	-166.7	-166.8
EBT, Excl. Unusual Items						7,506.6	9,457.6	14,525.5	7,314.2	8,479.3	8,059.5
Impairment of Goodwill	—	—	—			—	—	—	—	—	—
Gain (Loss) On Sale Of Investments		—		—	—	—	—	—	—	—	—
Gain (Loss) On Sale Of Assets						-1	-0.4	0.8	9.1	28.5	28.5
Asset Writedown	—	—	—	—	—	-166.7	—	—	—	-0.3	-0.3
Insurance Settlements	—	—	—	—		—	—	—	—	—	—
Legal Settlements	—	—	—			—	—	—	—	—	—
Other Unusual Items						68.5	214.4	275.1	293.6	138	138
EBT, Incl. Unusual Items						7,407.5	9,671.6	14,801.4	7,616.9	8,645.5	8,225.8
Income Tax Expense						1,800.9	2,335.2	2,436.8	1,428.7	1,379.3	1,537.2
Earnings From Continuing Operations						5,606.6	7,336.4	12,364.6	6,188.2	7,266.2	6,688.6
Minority Interest						-975	-1,196.6	-2,710.9	-1,157.9	-552.5	-552.5
Net Income						4,631.6	6,139.8	9,653.7	5,030.4	6,713.7	6,136.1
Net Income to Common Incl Extra Items						4,631.6	6,139.8	9,653.7	5,030.4	6,713.7	6,136.1
Net Income to Common Excl. Extra Items						4,631.6	6,139.8	9,653.7	5,030.4	6,713.7	6,136.1
Total Shares Outstanding						1,952.5	1,952.5	1,952.5	2,068.9	2,068.9	2,068.9
Weighted Avg. Shares Outstanding						1,952.4	1,952.5	1,952.5	1,990.1	2,068.9	2,068.9
Weighted Avg. Shares Outstanding Dil						1,952.4	1,952.5	1,952.5	1,990.1	2,068.9	2,068.9
EPS						2.4	3.1	4.9	2.5	3.2	3
EPS Diluted						2.4	3.1	4.9	2.5	3.2	3
EBITDA						6,827.9	9,219.8	14,579.8	7,631.5	7,849.2	7,427.9
Effective Tax Rate						24.3%	24.1%	16.5%	18.8%	16%	18.7%