You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
錦江資本(2006.HK):擴張加快但是平均每間可供出租客房收入較弱,維持“中性“評級
格隆匯 12-12 16:26

機構:國泰君安

評級:中性

2019年第3季度有限服務酒店淨收入同比上升3.0%至人民幣41.39億元。公司主要運營子公司經調整後淨利潤同比增長22.1%至人民幣4.415億元,好於我們的預期,主要由於營業支出佔收入比率同比下降0.5個百分點至85.9%。

我們分別上調2019至2021年經調整總營業利潤預測6.9%、4.1%和4.4%。今年公司新增酒店數量高於我們預期,因此我們分別上調2019至2021年收入預測1.2%、1.8%和2.0%。我們預計2019至2021年總收入分別為人民幣210億元、人民幣218億元和人民幣230億元,分別對應1.9%、3.8%和5.3%的增長率。我們預計2019至2021年經調整總營業利潤分別為人民幣19.3億元、人民幣19.5億元和人民幣20.0億元,分別對應34.8%、1.1%和3.0%的增長率。我們預計2019至2021年基本每股收益與稀釋後每股收益分別為人民幣0.135元、人民幣0.139元和人民幣0.143元,分別對應-1.1%、2.3%和3.2%的增長率。

我們將公司的目標價由1.20港元上調至1.45港元,並維持“中性”的投資評級。我們的目標價相當於5.1倍2019年經調整EV/EBITDA。我們的估值相對較低,但考慮到公司依賴非經營性其他收入及收益來提高營業利潤和股東淨利潤,我們認為較低的估值是合理的。例如,在2017年和2018年,公司其他收入及收益為人民幣3.81億元和人民幣4.33億元,分別相當於50.1%和56.8%的股東淨利潤。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account