《大行報告》匯豐研究上調新秀麗(01910.HK)目標價至22元 評級升至「買入」
匯豐研究發表的報告指,新秀麗(01910.HK)短期在印度、日本及拉美市場方面仍有困難,不過在中國、美國以及歐洲則有支持。該行指出全球各地重啟進程不一,意味未來一段時間長途旅遊將維持沉寂,以印度、拉美及日本市場為例所受影響特別大,而公司銷售表現一向與長途旅遊掛鉤,料到2023年銷售才有望重返2019年水平,主要因為短期來看僅少數主要市場有緩和跡象。該行指出美國大部分州份均已重啟,現時正討論究竟到9月份勞動節能否達到群體免疫,事實上當地本土旅遊已顯著復甦。在內地方面,日均接種數字創新高。而歐洲大部分市場亦準備好恢復區內跨境旅客,料公司在部分主要銷售地點或有支持。
在利潤層面,該行相信管理層在艱難時期已做好管控成本及庫存,因此料今年下半年經調整EBITDA利潤率將顯著反彈,同時今年次季或有望接近收支平衡。除了預期利潤反彈外,近期貸款方面的修訂亦緩和了投資者的憂慮,同時相信公司未來兩至三年可受惠結構性利潤擴張,最終或有機會出現併購考量等。
該行將公司評級升至「買入」,目標價由17元升至22元,因預期利潤將改善,同時亦反映債務壓力減輕的影響。(el/u) ~
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