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里昂维持同程艺龙(0780.HK)评级“买入”料MAU按年增长20%
格隆汇 07-24 11:33

同程艺龙(00780.HK)将于8月19日公布中期业绩,里昂发表研究报告,预期其次季交通收入按年增幅放慢至14%,因该行考虑内地官方铁路票候补名单制度出台的潜在负面影响。另次季住宿相关收入料呈按年30%升幅(撇除分销业务料按年升幅约40%),维持在健康水平。

考虑上半年运行速度,该行下调同程艺龙2019年收入及经调整纯利预测5%至6%。里昂指,其在三、四线城市吸纳旅行订位用户,仍有良好定位。报告料其今年平均月活跃用户(MAU)及月付费用户(MPU)正迈向按年增长约20%及约35%。该行料其今年经调整纯利约15亿元人民币,相当于利润率达20%,按年扩大约1.5个百分点。里昂维持予同程艺龙“买入”评级,目标价则由20.3港元降至18.5港元。

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