《大行報告》匯豐研究上調同程藝龍(00780.HK)目標價至17.4元 評級「買入」
匯豐環球研究發表報告,預期同程藝龍(00780.HK)第二季盈利將有驚喜,主因成本控制及三、四線城市的復甦較預期為佳(5月為正增長)。
該行表示,由於首季的旅遊需求疲弱,同程藝龍削減了對用戶的補貼,使季內的變現率(take-rate)大升,至於從酒店夥伴收取的佣金率(10%至15%)則保持穩定,預期於新型肺炎疫情過後,一旦旅遊需求恢復,公司會增加補貼以推動業務,變現率料將回復到正常水平的8%至8.5%。
匯豐研究維持同程藝龍股份「買入」評級,目標價由16.2元升至17.4元,以反映調升對公司的中期自由現金流預測,及更佳的經營槓桿和交叉銷售等,使2023年至2029年的年均複合增長率提升。
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