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Despite the resurgence in travel numbers, there's a growing trend for young Chinese travelers to avoid pricey boutiques and head to free, social-media friendly locations instead.
The firm's products are profitable, but they are just the key. The key that unlocks much higher margin businesses elsewhere and going forward.
Investor sentiment has yet to show a significant level of fear associated with correction lows.
Is this becoming a 'single issue' market singularly focused on yields? That will eventually change, but the turning point seems a bit away.