花旗降香格里拉(亚洲)(0069.HK)目标价至13港元评级“买入”
花旗发表报告指,香格里拉(亚洲)(00069.HK)上半年收入及应占EBITDA分别达该行全年预测之45%及43%,酒店业务EBITDA按年降23%至2.47亿美元,主要由于主要市场营运环境转弱及员工成本上升,投资物业EBITDA则录得稳定增长。

该行称,下修其今年内地酒店每间可供出租客房收入(RevPAR)增长预测,由按年升2%下修至持平。花旗称,集团旗下本港酒店RevPAR上半年增长大致持平,但下半年趋势料大幅恶化,主因持续社会示威活动。该行大幅下修其本港今年RevPAR增长预测,由按年升2%下修至按年跌14%。
花旗下调其2019年至2021年应占EBITDA预测11%至16%,以反映最新营运情况及人民币贬值因素,目标价自17港元下调至13港元,维持“买入”评级,料市场已大致消化近期负面消息,指估值便宜,现价仅相当於明年预测EBITDA约8.7倍,较历史均值约13倍低出约一个标准差。
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