《大行報告》瑞信上調同程藝龍(00780.HK)目標價至14.3元 評級「跑贏大市」
瑞信發表研究報告,指出現時中國的中至低端商務需求、辦公及上學推動下,出遊需求已穩定恢復到去年約40%水平,料同程藝龍(00780.HK)可從中受惠,而更高端的商務及休閒需求則可能需要更長時間才可恢復。
該行指,低線城市疫情管控措施目前相對寬鬆,因此恢復得較好;考慮到目前輸入感染風險增加,中國仍在收緊入境管制,並大幅削減國際航班,料第二季海外旅遊市場將進一步惡化,行業疲軟情況將維持至明年。
瑞信指,同程藝龍有95%為國內業務,客戶亦主要集中在低線城市,主打中端旅行需求,相信可抓住近期行業復甦勢頭,估值吸引,相當於明年預測市盈率12倍,以現金流折現率計,將目標價由13元上調至14.3元,予評級「跑贏大市」評級。
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