Loading…
China's dominant duty-free retailer, operating stores at airports, ports and the Hainan free-trade zone.
China's dominant duty-free retailer, operating stores at airports, ports and the Hainan free-trade zone.
Same company as the Shanghai-listed Class A (601888), so earnings come from the retail margin on duty-free goods bought directly from brands and sold to travellers. Airport and downtown stores were its base; Hainan has been the growth driver since 2020. China Tourism Group, state-owned, controls it.
In one line: A Chinese DFS Group/Dufry, state-backed and Hainan-focused.
Moat: wide (regulatory licence, scale, distribution). Dominant government-granted duty-free concessions, especially the exclusive Hainan offshore duty-free policy.
Headquarters: Beijing, China · Founded: 1984 · Employees: 14,485
Size China Tourism Group Duty Free (1880.HK) is a Hong Kong Consumer Staples company (Discount Stores) with a market value of $16.1B, the 107th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$45.98 on 6 Nov 2026.
Performance Over six months the shares fell 22.5%, against +7.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 10 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +3.6%); the operating margin is 9.8% (peer median 7.6%).
Valuation It trades at 17.8× forward earnings against a peer median of 15.2× (4th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points below its cost of capital (10.2% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$59.6B | HK$58.2B | HK$61.2B | HK$74.6B | HK$61.9B |
| Revenue growth | — | -5% | -18% | +21% | — |
| Gross profit | HK$20.2B | HK$17.6B | HK$18.2B | HK$22.3B | HK$14.9B |
| EBITDA | n/a | HK$6.64B | HK$7.10B | HK$9.76B | HK$10.2B |
| Net income | HK$4.76B | HK$3.89B | HK$4.63B | HK$7.42B | HK$5.85B |
| Free cash flow | HK$3.99B | HK$5.21B | HK$7.43B | HK$14.7B | -HK$7.32B |
| Capital expenditure | HK$1.40B | HK$1.38B | HK$1.21B | HK$1.99B | HK$3.48B |
| Total debt | HK$12.3B | HK$5.64B | HK$5.52B | HK$5.97B | HK$7.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Tourism Group Duty Free 1880.HK | $16.1B | -22% | +4% | 10% | 17.8× | 12.0% |
| HtlShilla 008770.KS | $985M | -46% | +1% | 3% | 15.1× | -7.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1880.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | +8.0% | 3rd lowest of 10 |
| 6-month return | -22.5% | +7.7% | lowest of 10 |
| Distance from 52-week high | -57.0% | -14.2% | lowest of 10 |
| Revenue growth (TTM) | +3.6% | +3.6% | 5th highest of 10 |
| Operating margin | 9.8% | 7.6% | 4th highest of 10 |
| Forward P/E | 17.8× | 15.2× | 4th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 12.0% | 0.1% | 2nd most demanding of 10 |
| Growth delivered (Del g) | -0.3% | +5.5% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +12.3 pp | -4.4 pp | most demanding of 10 |
| ROIC minus cost of capital | -1.0 pp | +2.5 pp | 2nd lowest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Tourism Group Duty Free 1880.HK | Hong Kong | $16.1B | -22% | +4% | 10% | 17.8× | 12.0% | -0.3% |
| Five Below FIVE | United States | $13.2B | +8% | +26% | 15% | 23.7× | 8.1% | +19.4% |
| Dollar Tree DLTR | United States | $24.6B | +39% | -8% | 11% | 19.1× | 0.1% | -5.3% |
| Dollar General DG | United States | $29.5B | +18% | +5% | 6% | 16.6× | 0.9% | +4.8% |
| Avolta AVOL.SW | Switzerland | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% | +40.3% |
| B&M European Value Retail BME.L | United Kingdom | $3.79B | +71% | +4% | 8% | 12.9× | -0.6% | +3.8% |
| Lagardere MMB.PA | France | $2.92B | +4% | +4% | 7% | 8.7× | -5.5% | +16.0% |
| Carmila CARM.PA | France | $2.40B | -7% | -1% | 60% | 8.2× | 4.3% | +5.5% |
| Europris EPR.OL | Norway | $1.44B | -9% | +3% | 9% | 15.2× | -4.3% | +13.2% |
| Can Do 2698.T | Japan | $307M | -4% | +4% | 1% | 69.5× | 12.4% | +3.6% |