Wangfujing Group Co., Ltd. (WFJ) has been granted a license to develop duty-free business, with its first island duty-free store, WFJ International Duty-Free Port, opening in Jan 2023. While completing its layout of taxable business, the company is establishing its distinctive duty-free business. Taxable business: operational performance is disturbed by the pandemic, while the merger of Beijing Capital Retailing Group consolidates its core market of North China. As per consolidated financials, the company realized revenues of Rmb11.5/12.8/8.5bn from 2020 to 2022Q1-Q3. The company has a comprehensive business layout, with department stores accounting for 50%+ of total revenue. Shopping centers and outlet stores are relatively prosperous. Sales share of North China area exceeds 50%. Duty-free business: full development of duty-free business is expected to bring significant growth to the company. The company is expected to see revenue growth of 34% in 2023E, driven by the opening of its first island duty-free store. The company's net profit is expected to grow by 447% in 2023E. The company's EPS is expected to reach 1.27 RMB in 2023E. The P/E is expected to be around 22.16.
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