《大行报告》瑞信上调华住集团-S(01179.HK)目标价至415元 评级「中性」
瑞信发表的研究报告指,今年首季华住集团(01179.HK)可供出租客户收入稍胜预期,达到2019年的77%水平,留意到在3月尾势头强劲并超越2019年水平,而4月初亦企稳在前年96%的水平。该行相信各项活动回归正常将带来支撑,同时亦对五一黄金周及暑假本地需求复苏维持正面。该行维持对公司「中性」评级,在首季业绩公布後认为本地市场维持强劲,不过封关势将影响海外营运,将2021及2022年盈测分别降5%及升6%,目标价由380元升至415元。
该行指出网络扩张仍然是重要一环,随着可供出租客户收入复苏,相信酒店开张及登记应加快,假如即使渗透低线城市,相信在中至大型酒店方面的扩张及加盟酒店方面将带动利润长期复苏。该行指出,在DH酒店方面复苏的可见性仍然较低,认为封城有机会延至5月尾,而疫情状况将继续在短期带来阴霾。
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