大和降香格里拉(亚洲)(0069.HK)目标价至8.8港元维持“持有”评级
大和发表研究报告,指香格里拉(亚洲)(0069.HK)
上半年业绩疲弱属预期之内,总EBITDA(计及子公司和联营公司的有效份额)符合该行早前下调后的估算。期内,集团平均每间可供出租客房收入下跌4.1%,轻微好过该行预期的下跌5.1%水平。该行仍然预期集团于大部分地区下半年的平均每间可供出租客房收入会录得按半年改善。
该行提到,基于香港部分事件持续,集团位于金钟的香格里拉酒店入住率大幅减少,估计7月份介乎50%至55%,8月或跌至低于50%。管理层指,酒店订单取消情况显著增加,不少企业会议、奖励旅游及展览等活动亦转移至其他地区举行。由于香港部分
事件存不确定性,料下半年香港酒店入住率跌至66%,是自2009年以来最低,估计香港下半年的平均每间可供出租客房收入将按年跌30%。大和将香格里拉(亚洲)2019-2021年总EBITDA预测下调4-6%,以反映进一步经营去杠杆及员工成本较高,目标价由9港元降至8.8港元,维持“
持有
”评级。
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