《大行報告》大和下調華住集團-S(01179.HK)目標價至50元 評級「買入」
大和發表的研究報告,認為是買入華住集團(01179.HK)的吸引機遇,相信國慶假期旅遊需求將強勁,而公司在德國的營運亦快速反彈,對利潤的拖累將減輕,重申予「買入」評級,目標價由52.5元降至50元,下調公司2021-23年非通用會計準則EBITDA預測8-19%,以反映可供出租客房收入的最新估算。
公司於業績後舉行電話會議,該行相信股價弱勢為長期投資者帶來吸引的入市機會。就德國DH業務來看,入住率正處於改善趨勢,相信第四季按非通用會計準則計EBITDA有望轉正,雖然疫情重現及封勢措施或持續,不過長遠而言公司定位可強化。
而華住本身的業務,該行基本情景是入住率將在今年9月回升,而整體旅遊需求於國慶假期等料有支持,留意到上半年內地新簽酒店創新高,當中有57%是來自三線或較低線城市,管理層維持今年新開酒店目標為1,050-1,300間,該行相信屬正面,因為近期封城或致延遲。(el/u) ~
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