《大行報告》美銀證券下調復星國際(00656.HK)目標價至13元 評級「買入」
美銀證券在研究報告中表示,復星國際(00656.HK)2019年淨利潤按年增長10%至148億元人民幣,創歷史新高,較該行預期高6%,相信是由於保險業務貢獻好於預期。
報告指出,旗下旅遊業務受疫情影響,近期提供折扣優惠吸引客人到訪,令上周末三亞亞特蘭蒂斯酒店客房入住率進一步提高至60%至70%,甚至高於去年水平。美銀將復星國際今年淨利預測下調45%至71億元人民幣,即按年跌約52%,以反映股市疲弱導致投資收益下降,以及疫情影響其產業業務盈利貢獻下降。
該行指,近日市場波動導致公司市值收縮167億元人民幣,或每股資產淨值(NAV)下降2.1元,由於其每股NAV估算降低至17.5元,因為相應將目標價從14.4元下調10%至13元,反映基於今年9倍及明年6倍預測市盈率,以及0.6倍預測市帳率與53%資產淨值折讓。
美銀表示,如果復星在目前經濟低迷期間,投資估值吸引的資產,將推動集團長遠發展,重申「買入」評級。
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