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《大行報告》匯豐研究升同程藝龍(00780)評級至「買入」 目標價上調至15.3元
阿思達克 05-07 11:54
匯豐研究發表的報告指,同程藝龍(00780.HK)可受惠低端市場復甦,加上5月份假期旅客數字好過預期,估計全國活動將陸續恢復,將公司評級升至「買入」,目標價由11元升至15.3元。該行將公司2020/21年按非通用會計準則計算的盈利預測分別升6%及13%,認為公司在捕捉內地旅遊市場復甦機遇上可跑贏同業,而該行的預測較市場預期高21-28%,主要因為認為公司可透過微信小程序帶動流量,轉換比率亦將有改善。該行料今年首季公司收入將按年跌45%,但料將受惠低端本地遊復甦,估計2020財年公司收入將跌3%,較市場預期跌9%樂觀。

該行指出內地五一假期本地遊旅客達1.15億人,按年跌41%,但跌幅較清明節有所收窄,展望第二季相信將有上行驚喜,估計跌幅將收窄至37%。而撿內地三大航空公司指,國內乘客數字已在3月見底,而國際業務仍面對困難,當中低端城市復甦情況較高端城市好,主要是因為高端城市抗疫措施相對嚴格,由於公司主要定位低端城市的本地旅遊,故相信可受惠復甦。(el/a) ~

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