SSE: 601888 - China Tourism Group Duty Free Corporation Limited

Yield per half year: -0.6563%
Dividend yield: 0.00%
Sector: Consumer Staples

Reporting China Tourism Group Duty Free Corporation Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								411.15		234.81
Выручка, млрд ¥	21.29	22.39	28.28	47.01	47.97	52.6	67.68	54.43	67.54	67.54
Чистая прибыль, млрд ¥	1.51	1.81	2.53	3.09	4.63	6.14	9.65	5.03	6.71	6.71
EV, млрд ¥								390.75		210
EBIT, млрд ¥	2.13	2.83	3.49	5.33	6.53	8.91	14.34	7.61
EBITDA, млрд ¥			4	5.59	7.46	10	16.3	8.94	7.47	8.94
Баланс стоимость, млрд ¥	11.18	12.6	14.03	16.24	19.89	22.31	29.62	48.57	53.83	53.83
FCF, млрд ¥			2.72	1.14	1.43	6.97	6.17	-6.41	13.32	13.32
Операционный денежный поток, млрд ¥	1.57	1.94	3.02	2.72	3.12	8.2	8.33	-3.42	15.13	15.13
Операционная прибыль, млрд ¥	2.13	2.49	3.51	5.66	6.54	10.02	15.12	8.25	8.31	8.31
Операционные расходы, млрд ¥	19.16	19.9	24.78	41.34	41.43	42.57	52.55	46.18	59.23	59.23
CAPEX, млрд ¥	0.6825	0.1666	0.2939	1.58	1.52	1.23	2.15	3	1.8	1.8

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥						10.87	11.71	15.07	20.77	15.09	14.98	16.7	18.81	12.46	11.76
Чистая прибыль, млрд ¥						1.37	0.6903	0.4023	2.3	1.56	1.34	1.51	2.31	0.9764	0.6364
EBIT, млрд ¥	4.37	4.24	4.7	1.03	3.33	2.4	1.65	0.2226	2.97	1.59
EBITDA, млрд ¥	4.51	4.11	4.95	1.44	3.56	1.85	1.4	0.9999	3.22	1.9
Баланс стоимость, млрд ¥						31.17	48.18	48.57	50.57	51.36	52.61	53.83	56.15	53.83	54.23
FCF, млрд ¥						-2.89	-1.44	-0.2707	7.02	0.7117	4.36	1.24	4.83	-1.23	0.5542
Операционный денежный поток, млрд ¥	0.0792	5.21	5.21	5.21	-1.23	-2.2	-0.5719	7.42	7.42	1.15
Операционная прибыль, млрд ¥						2.59	1.57	0.7645	2.97	1.82	1.63	1.89	2.92	1.34	0.892
Операционные расходы, млрд ¥						8.28	10.15	14.3	17.8	13.27	13.35	14.81	15.89	11.12	10.86
CAPEX, млрд ¥						0.686	0.8659	0.4083	0.4083	0.4369	0.5142	0.4423	0.4757	0.242	0.2403

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2008	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥			5.26	8.97	11.48	11.29	11.91	14.71	16.86	26.89	31.84	31.84
Short Term Investments ¥		0.3	2.82	0.5	0.0018	12.91
Long term investments ¥			0.2322	0.2468	0.3037	0.285
Total Receivables ¥			1.32	1.2	1.08	1.64	1.19	0.1287	0.106	0.1513	0.1388	0.1388
Total Current Assets ¥			11.85	13.49	17.09	19.58	23.12	30.98	38.54	57.21	58.46	58.46
Чистые активы, млрд ¥			1.69	1.65	1.74	2.77	2.09	2.82	9.02	57.21	60.71	57.21
Активы, млрд ¥			15.73	17.29	20.93	26.85	30.69	41.92	55.47	75.91	78.87	78.87
Short Term Debt ¥				0.1336	0.1021	0.2891	0.2239	0.4174	0.4113	1.93	0.3694	0.3694
Long Term Debt ¥	0.000348	0.0001	0.0000	0.0000	0.0029	0.0014				2.51	2.52	2.52
Задолженность, млрд ¥			3.84	3.93	5.92	8.26	8.38	15.74	20.68	21.78	19.69	19.69
Чистый долг, млрд ¥										-22.45	-28.95
Долг, млрд ¥				0.1337	0.105	0.2905	0.2239	0.4174		4.44	2.89	7.25
Interest income ¥				0.1325	0.1906	0.2988	0.3198	0.2487	0.227	0.3075	1.05
Расходы на обслуживание долга ¥						0.0061	0.0128	0.0169	0.2219	0.1942	0.2979	0.2979
Чист. проц. доходы, млрд ¥				0.0792	0.0986	0.1248	0.1167	0.0083	-0.2409	-0.0302	0.5777	1.05
Goodwill ¥		0.0022	0.0022	0.0022	0.0021	0.8225	0.8225	0.8225	0.8225	0.8225	0.8225
Себестоимость, млрд ¥			16.09	16.78	19.85	27.52	24.27	31.22	44.88	38.98	46.05	46.05
Товарно материальные запасы ¥			1.84	2.17	3.22	5.94	8.96	14.73	19.72	27.93	21.06	21.06

	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥											11.81	23.41	26.89	32.07	32.23	33.86	31.84	36.39	32.19	32.02
Long term investments ¥	0.3001	0.285	0.2354	0.2425	0.2269
Total Receivables ¥											1.78	1.01	0.1513	1.1	1.88	0.1237	0.1388	0.2169	0.1823	0.0917
Total Current Assets ¥											37.73	53.11	57.21	60.71	59.31	59.74	58.46	59.73	55.15	54.66
Чистые активы, млрд ¥						7.21	7.13	7.4	9.02	9.38	8.08	8.71	57.21	9.91	10.21
Активы, млрд ¥											53.62	69.58	75.91	79.86	78.91	79.18	78.87	80.25	75.84	75.58
Short Term Debt ¥											0.4163	0.4312	1.93	1.93	0.8688	0.3695	0.3694	0.3713	0.165	0.2265
Long Term Debt ¥	0.003				0.0000								2.51	2.59	2.54	2.6	2.52	2.52	2.65	2.65
Задолженность, млрд ¥											17.39	16.09	21.78	23.58	21.8	20.84	19.69	18.63	16.31	15.63
Чистый долг, млрд ¥															-28.82	-30.9	-28.95	-33.49	-29.38	-29.15
Долг, млрд ¥					0.2256										3.41	2.97	2.89	2.89	2.82	2.87
Interest income ¥								0.0435	0.0776	0.0688	0.0558	0.0274	0.4595	0.1444	0.5108	1.01	1.69
Расходы на обслуживание долга ¥											0.0527	0.0383	0.0448	0.0632	0.098	0.0441	0.0926	0.0696	0.0284	0.0514
Чист. проц. доходы, млрд ¥									-0.1836	0.0796	-0.1468	-0.5582	0.5952	0.3103	-0.2068	0.4783	-0.0041	0.2599
Goodwill ¥								0.8225	0.8225	0.8225	0.8225	0.8225	0.8225	0.8225	0.8225	0.8225	0.8225
Себестоимость, млрд ¥											7.18	8.82	11.91	14.75	10.14	9.82	11.35	12.54	8.24	7.99
Товарно материальные запасы ¥											23.66	27.5	27.93	26.14	24.45	22.86	21.06	17.59	19.01	18.69

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	1.67	0.93	1.29	1.58	2.37	3.14	4.95	2.43	3.25			3.25
Цена акции ао			43.39	60.2	88.95	282.45	219.41	216.03	83.69	67.01	60.55	60.55
Число акций ао, млн				1952.48	1952	1952	1952	2068.86	2068.86			2068.86
FCF/акцию				0.5841	0.7313	3.57	3.16	-3.1	6.44			6.44

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				0.7	0.35	0.17	1.11	0.7564	0.648	0.7286	1.11	0.472	0.3076
Цена акции ао	256.33	232.37	196.8	180.13	199.27	195.03	203.16	143.43	114.43	89.65
FCF/акцию				-1.48	-0.695	-0.1309	3.39	0.344	2.11	0.6	2.33	-0.5968	0.2679

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	13.47	14.35	18.03	19.06	23.27	27.52	32.59	12.87	13.11			13.11	26.25
ROA, %	9.57	10.46	12.09	11.53	15.08	14.65	17.4	7.66	8.68			8.68	15.68
ROIC, %		18.08	24.84	24.9				12.83
ROS, %			8.95	6.58	9.65	11.67	14.26	9.24	9.94	9.94	9.94	9.94	23.15
ROCE, %	17.91	21.21	23.22	28.69	29.28	34.02	41.23	13.02			0	0	3.67
Ebit margin, %					13.62	16.93	21.2	13.97			0	0
Рентаб EBITDA, %			14.13	11.9	15.56	19.02	24.09	16.43	12.78		13.24	13.24	28.10
Чистая рентаб, %	7.07	8.08	8.95	6.58	9.65	11.67	14.26	9.24	9.94			9.94	23.15
Operation Margin, %			12.39	12.05	13.63	19.06	22.34	15.16	12.3	12.3	12.3	12.3	28.93

	2019Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %							4.41	1.43	0.8282	4.55	3.32	2.67	2.93	4.37	1.82	1.17	26.25
ROA, %							2.56	0.992	0.53	2.88	1.97	1.7	1.91	2.9	1.25	0.8406	15.68
ROIC, %	4.65										2.93	5.41	2.72	3.94	7.47	1.48
ROS, %							12.65	5.89	2.67	11.08	10.37	8.95	9.03	12.26	7.84	5.41	23.15
ROCE, %		14.76	13.98	13.88	2.97	9.01	6.63	3.09	0.4113	5.27	2.68						3.67
Ebit margin, %											10.51
Рентаб EBITDA, %		24.9	23.65	35.46	7.93	21.23	16.98	11.98	6.64	15.5	12.57						28.10
Чистая рентаб, %							12.65	5.89	2.67	11.08	10.37	8.95	9.03	12.26	7.84	5.41	23.15
Operation Margin, %							23.82	13.39	5.07	14.3	12.06	10.85	11.34	15.52	10.77	7.59	28.93

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E			37.98	38.37	89.82	44.38	88.85	24.53			24.53	25.92
P/BV			6.32	7.96	21.07	12.31	8.26	2.78			2.78	6.35
P/S			2.5	3.7	10.48	6.33	8.21	2.44			2.44	6.19
P/FCF								-36.63	17.62	17.62	17.62	49.48
E/P								0.0214	0.0286	0.0286	0.0286	0.04
EV/EBITDA							47.34				28.12	22.64
EV/EBIT									0	0	0
EV/S								3.86	3.11	3.11	3.11	6.41
EV/FCF									15.76	15.76	15.76	44.69
Debt/EBITDA		0.0263	0.0519				0.4966	0.811	0.811	0.811	0.811	0.80
Netdebt/Ebitda							-2.51	0	0	0	0	0.16
Debt/Ratio	0.0077	0.005	0.0108				0.0585	0.0367	0.0919	0.0919	0.0919	0.10
Debt/Equity	0.0106	0.0075	0.0179				0.0914	0.0537	0.1267	0.1267	0.1267	0.21
Debt/Net Income	0.0739	0.0415	0.0939				0.8829	0.4307	1.08	1.08	1.08	1.10
Бета							1.28	4.07	1.32	-0.4422	-0.4422	0.04
Индекс Альтмана							0	4.76	4.86	4.86	4.86	7.36

	2019Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E		50.85	66.03	85.72	78.17	46.12	39.09	24.53	26.11	21.76	29.43		25.92
P/BV		11.56	7.52	8.34	6.74	4	3.76	2.78	2.85	2.24	2.66		6.35
P/S		7	6.68	8.05	6.42	3.65	3.33	2.44	2.68	2.12	2.67		6.19
Debt/EBITDA						1.8							0.80
Netdebt/Ebitda						-15.2							0.16
Debt/Ratio	0.0077					0.0432	0.0375	0.0367	0.0361	0.0371	0.038		0.10
Debt/Equity	0.0116					0.0664	0.0564	0.0537	0.0515	0.0523	0.053		0.21
Debt/Net Income	0.2461					2.18	2.21	1.92	1.25	2.88	4.51		1.10
Бета												-0.4422	0.04
Индекс Альтмана												4.86	7.36

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.4554	0.4936	0.9807	1.02	1.09	1.41	1.97	1.77	1.77	2.97
Дивиденд	0.23	0.25	1	0.52	0.55	0.72	1	1.5	0.8	0
Див доход, ао, %	0.4209	0.5529	2.38	0.886	0.6899	0.4789	0.3627	0.4442	1.86	0	0.46
Дивиденды / прибыль, %	30.24	27.3	38.75	32.99	23.52	23.03	20.42	58.51	26.37	26.37	50.73

	2014Q2	2015Q3	2016Q2	2017Q2	2018Q2	2019Q2	2020Q3	2021Q2	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.000825	2.94	0.0281	0.0281	0.0375	1.67	0.0371	0.0207	3.26	0.2073
Дивиденд	0.2	0.23	0.25	1	0.52	0.55	0.72	1		1.5				0.8
Див доход, ао, %	0.6112	0.3945	0.5639	2	0.857	0.7114	0.3465	0.3251		0.7527				0.6991					0.46
Дивиденды / прибыль, %									0.06	425.24	6.99	1.22	2.39	124.42	2.46	0.8968	333.45	32.58	50.73

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	7.79	7.96	15.66
Персонал, чел				14720	16808	16789

	CAGR 5

	CAGR 5