China Free (01880) fell by nearly 4%. As of press release, it was down 3.98% to HK$68.8, with a turnover of HK$93.555 million.
The Zhitong Finance App learned that the China Free Tax Service (01880) fell by nearly 4%. As of press release, it was down 3.98% to HK$68.8, with a turnover of HK$93.505 million.
In terms of news, Yamato recently pointed out that China's first-quarter revenue fell 9.5% year on year, and profits remained roughly flat, mainly due to the fall in the effective tax rate, and revenue pressure was affected by the high base for the same period last year. The bank estimates that its gross sales margin will continue to improve this year, but the decline in per capita consumption may drag down overall performance. The bank lowered its earnings forecast per share for this year and next two years by 25% to 39% to reflect market pressure in the consumer market, downgraded its rating from “buy” to “outperform the market”, and lowered its target price from HK$135 to HK$80.
In addition, China's 2023 financial report shows that the company achieved operating income of 67.54 billion yuan last year, an increase of 24.08% over the previous year; net profit of 6.714 billion yuan, an increase of 33.46% over the previous year. Despite both revenue and net profit growth last year, there is still a certain gap between the company's profit level and the peak period in 2021, and net profit to mother was only 70% of 2021.