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《大行報告》高盛上調華住集團(01179.HK)目標價至550.4元 一舉降香格里拉(亞洲)(00069.HK)評級至「沽售」
阿思達克 06-01 13:45
高盛發表研究報告,指內地酒店業正進入疫情後周期復甦及結構增長,料增長加快不限於每間可售房收入(RevPar),亦包括酒店量淨增加。該行指,上行周期與2016至2017年有相似之處,在反貪背景下受惠供應收緊及需求復甦,RevPar增長達9%,屬過去十年首次跑贏同期內地GDP增長。

該行料所覆蓋酒店股2022年收入增29%,EBITDA增長更達71%,受惠酒店量淨增加20%及RevPar增長15%,2023年RevPar增長料加快至20%。

高盛稱,本年至今酒店板塊股價強勁,但料有進一步估值重評空間,以明年企業價值對EBITDA計,板塊估值低於周期中間點。高盛下調華住集團(01179.HK)今明兩年經調整EBITDA預測17%及6%,2023年則上調3%;維持予「買入」評級,指增長及盈利能力具強勁執行往績,目標價由445元升至550.4元。

該行並下調香格里拉(亞洲)(00069.HK)今明兩年經調整EBITDA預測10%及11%,2023年則上調6%,投資評級由「買入」一舉降至「沽售」,目標價由8.6元降至6.9元,指受累重資產、企業公幹復甦可見度低。

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