Morgan Stanley lowered its EPS forecasts for CTG DUTY-FREE for 2026-27 by 6-7% and reduced revenue forecasts by 13% for each year due to slower-than-expected duty-free sales in Hainan. The full-year growth forecast was also trimmed from 25-30% to 20-30%. As a result, the target price for H shares was cut from HKD89 to HKD77, maintaining an Equalweight rating.
