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《大行報告》瑞信降華住集團-S(01179.HK)評級至「中性」 目標價維持380元
阿思達克 12-08 10:10
瑞信發表研究報告,指出華住集團-S(01179.HK)第三季淨虧損2.12億元人民幣,主要是受德意志酒店集團(DH)的4.37億元人民幣減值所拖累,若撇除一次性項目,則錄純利2.25億元人民幣。

該行認為,雖然受到疫情再爆發影響,但中國營運所受的干擾有限。受入住率大致持平及新酒店開業帶動,10月份的混合可出租客房平均收入達到去年水平的98%,並在11月份超過90%。另外,DH在短期內仍具不確定因素。

該行又指,公司有更具質量的擴展,超過70%的新開業酒店來自標準化品牌,頂級企業的滲透率亦從2019財年的10%升至第三季的30%。在2021年,公司看到更多中型的潛在客戶及在低線城市有更強的滲透率。

基於估值,瑞信將公司的投資評級由原來的「跑贏大市」下調至「中性」,仍喜歡其穩健的營運,而行業整合理應繼續受惠公司,雖然短期有不確定因素。該行下調2020/21年盈測35%及11.5%,但調升2022年盈測2%,目標價維持在380元不變。

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