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《大行报告》美银证券上调香格里拉(亚洲)(00069.HK)目标价至9.2元 评级「买入」
阿思达克 04-07 12:01
美银证券发表的研究报告指,香格里拉(亚洲)(00069.HK)去年列帐EBITDA按年跌79%至1.82亿美元,差过该行预期,主要因为酒店板块亏损较高,而来自物业销售/租赁表现则大致符预期,去年整体收入跌58%至10.33亿美元,而酒店平均可供出租房间收入按年跌64%至40美元。

该行指出内地3月份入住率已复苏至接近六成,而商务旅游在两会後亦显着改善,管理层估计受惠清明及五一黄金周假期带动,4月及5月需求将有所提升。去年公司经营现金流为负2.86亿美元,单计下半年经营现金流则较上半年改善1亿美元,管理层估计假如旅游限制未有进一步放宽,今年经营现金流将为负8,000万美元。

该行将公司2021年EBITDA预测降13%至5.63亿美元,以反映疫情下各地延迟重开,目标价升15%,由8元上调至9.2元,重申「买入」评级,认为逐步重启及跨境活动正常化或会带来重估。

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