The analyst rating from UBS is based on the significant year-over-year growth in Hainan's offshore duty-free sales, which increased by 47% to RMB4.86 billion. This growth was accompanied by a rise in the number of duty-free shoppers and per-capita spending, indicating strong consumer demand. UBS expects this trend to continue, projecting over 25% growth in offshore duty-free sales for the year and sustained growth of over 20% in 2026-27. As a result, UBS has rated both CHINA DUTY FREE and CTG DUTY-FREE as "Buy" due to their favorable market outlook and growth potential.
