《大行報告》高盛上調同程藝龍(00780.HK)目標價至21.2元 評級「買入」
高盛發表研究報告指,過去幾個月內地疫情再度出現爆發,當局鼓勵在農曆年假期間「原地過年」,令鐵路及國內航空需求低於先前預期。
根據交通部數據,農曆新年旅客出遊數字較2019及2020年相比大幅減少76.8%及34.8%,相反東部地區及熱點城市本地消費及餐飲活動大增,宅渡假、短途本地旅行愈趨受歡迎。該行指,考慮現時趨勢及地方政府的嚴格管控,下調了對同程藝龍(00780.HK)的預測,預期去年第四季收入將由按年下跌3%,擴大至跌8%,經調整淨利預測達2.84億元人民幣,較早前估計的近3.5億元人民幣減少。
高盛並預期,今年首季同程藝龍收入增長為56%,此前估計為90%,估計新年過後首季住宿預訂收入將達到2019年同期恢復107%,交通收入則恢復到2019年水平的約69%。
高盛指,對同程藝龍2022年收入預估基本保持不變,維持「買入」評級,基於SOTP估值法將目標價由18.8元提升至21.2元。
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