《大行报告》大摩下调同程艺龙(00780.HK)目标价至15元 评级「增持」
摩根士丹利发表研究报告,指同程艺龙(00780.HK)首季的收入指引意味着按年录42%至47%跌幅,住宿预订服务的跌幅介乎50至55%,而交通票务服务的跌幅则介乎40至45%。整体收入跌幅由2月份的跌80%,收窄至3月份的跌40至50%,主要是受到交通票务服务快速增长60%所带动。
由於首季在市场推广、员工及其他成本上分别削减40%、20%及30%开支,管理层预料首季业绩扭亏。撇除取消订单的一次性开支最高1亿元,经调整盈利料介乎5,000万至1亿元人民币。
该行将公司2020及2021年的收入预测分别下调25%及7%,经调整盈利的预测分别下调38%及15%。由於相信2022年会有较强劲的反弹,因此只将目标价由16元下调6%至15元,维持「增持」投资评级。
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