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大摩维持同程艺龙(0780.HK)评级“增持”目标价17港元
格隆汇 08-20 11:21

摩根士丹利发表报告指,同程艺龙(00780.HK) 今年第二季收入按年增长21%至15.9亿元人民币,表现符合该行预期。经调整纯利则按年增长60%至3.46亿元人民币,优于该行预期9%。

不过,该行预期同程艺龙第三季的收入增长将会减速至低于20%,但受惠於交叉销售上升等原因,第四季收入增长料会再次加速。

大摩指同程艺龙估值吸引,相当於明年预测市盈率11倍(撇除现金後8倍),较同业携程有约50%折让;以及在三、四线城市有较大覆盖,支持中期强劲增长。

基於内地各行业于7月出现广泛放缓,大摩下调对同程艺龙今年至2021年的收入预测介乎4%至8%,纯利预测则大致保持不变。该行下调其目标价,由19港元降至17港元,维持“增持”评级。

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