《大行报告》摩通上调同程艺龙(00780.HK)目标价至20元 评级「增持」
摩根大通发表研报告,预期同程艺龙(00780.HK)去年第四季收入将按年跌8%,稍逊於公司下跌5%的目标,主要由於去年底内地疫情反覆,令本地旅游市场需求转弱,特别是交通票务。
该行预期同程艺龙去年第四季非国际会计准则净利润将按年下跌11%,净利润率由对上财年同期的16.9%下跌至16.4%,大致符合指引低端;并意味全年净利润率达16%,与同业相比表现不俗,并估计毛利率可提升至72.4%,营运成本亦有望下降。
摩通预期,市场将关注农历新年假期後恢复情况,以及与腾讯(00700.HK)旗下微信钱包的续订条款,对两方面都持乐观态度,维持「增持」评级,目标价由19元升至20元。
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