《大行报告》高盛上调华住集团(01179.HK)目标价至550.4元 一举降香格里拉(亚洲)(00069.HK)评级至「沽售」
高盛发表研究报告,指内地酒店业正进入疫情後周期复苏及结构增长,料增长加快不限於每间可售房收入(RevPar),亦包括酒店量净增加。该行指,上行周期与2016至2017年有相似之处,在反贪背景下受惠供应收紧及需求复苏,RevPar增长达9%,属过去十年首次跑赢同期内地GDP增长。
该行料所覆盖酒店股2022年收入增29%,EBITDA增长更达71%,受惠酒店量净增加20%及RevPar增长15%,2023年RevPar增长料加快至20%。
高盛称,本年至今酒店板块股价强劲,但料有进一步估值重评空间,以明年企业价值对EBITDA计,板块估值低於周期中间点。高盛下调华住集团(01179.HK)今明两年经调整EBITDA预测17%及6%,2023年则上调3%;维持予「买入」评级,指增长及盈利能力具强劲执行往绩,目标价由445元升至550.4元。
该行并下调香格里拉(亚洲)(00069.HK)今明两年经调整EBITDA预测10%及11%,2023年则上调6%,投资评级由「买入」一举降至「沽售」,目标价由8.6元降至6.9元,指受累重资产、企业公干复苏可见度低。
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