Ge Long Hui·2025-09-03 06:09Core Viewpoint - Morgan Stanley has revised its earnings per share forecasts for China Duty Free Group down by 13%, 7%, and 2% for the years 2025 to 2027, respectively, while also lowering revenue projections by 6% to 8% [1] Group 1: Earnings and Revenue Forecasts - The earnings per share estimates for China Duty Free Group have been adjusted downward for the years 2025, 2026, and 2027 by 13%, 7%, and 2% respectively [1] - Revenue forecasts have been reduced by 6% to 8% [1] Group 2: Target Price and Rating - The target price for China Duty Free Group has been increased from 55 HKD to 60 HKD [1] - The rating has been maintained at "in line with the market" [1] Group 3: Market Conditions - Demand for duty-free products has been weaker than expected, particularly on e-commerce platforms [1] - The gross profit margin for China Duty Free Group remains weak [1] - An improvement in offline sales and profit margins is anticipated following the launch of the Hainan Free Trade Port in mid-December this year [1]